(BFM Bourse) – Greek company specializing in the hotel sector, The Azur Selection announces its listing plan via direct listing on Euronext Access+. The funds raised will help accelerate his projects in Greece but also on the French Riviera, where he indicates he has great ambitions with, in particular, a first project for a 4-star luxury boutique hotel.
A (luxury) summer holiday fragrance will soon win Euronext Access+, one of the sectors of the Paris Stock Exchange which requires fewer constraints for small and medium-sized companies wishing to try the Stock Exchange experience.
The Azur Selection, a Greek company specializing in the hotel sector, announces its listing plan through direct listing on the Euronext Access+ Paris market.
The opening of trading is scheduled for Tuesday 22 November, when 19,662,520 shares will be admitted to trading at a unit price of 1.1 euro. The market capitalization at the time of the IPO will thus exceed 20 million euros.
The company notably manages a portfolio of commercial properties and hotels in Athens and on the island of Mykonos, while maintaining long-term lease agreements with the companies or operators of its properties. Its portfolio includes 5 hotels (including 3 sub-leased to a hotel operator and 2 fully managed as a hotel operator) and a shopping center with a balanced distribution both in terms of offer and geographical area.
The Azur Selection also reports that its property and hotel management business (rental income from sub-leasing business and Ebitda from managed hotels) is already profitable.
Luxury hotel projects in Greece and the French Riviera
For The Azur Selection, the Exchange was identified as a means to “support an ambitious short-term expansion policy”. Therefore, the Greek company plans to develop a 5-star hotel on a 3,918 m² rental property in Agios Stefanos on Mykonos. The group is currently finalizing the project authorization process.
The company also plans to open a 4-star boutique hotel. The complex will include 36 rooms, a swimming pool, a luxury restaurant (semi-gourmet restaurant with a swimming pool), a gym and a spa. This first opening in France is part of the group’s global strategy which aims to develop on a global scale by opening 3 resorts a year in Greece and France.
“This is an important step in our development which should lead us to accelerate our operations in Greece but also on the French Riviera where we have great ambitions with in particular a first project of a 4-star luxury boutique hotel”, says Georgios Arvanitakis, founder and director-administrator of The Azur Selection.
For The Azure Selection, this listing on Euronext Access + is considered a phase of acclimatization to the financial markets before a move to the higher compartment. “This admission marks the first step in the company’s forthcoming transfer of shares to the Euronext Growth Paris segment,” concludes Georgios Arvanitakis.
Sabrina Sadgui – ©2022 BFM Exchange