Teams from the Athens and London offices of international law firm Watson Farley & Williams (“WFW”) advised Grivalia Hospitality on the agreement for the purchase from Dolphin Capital Investors of a 60% stake in the Pearl Island resort project in Panama.
Grivalia Hospitality is the Luxembourg-based tourism and hospitality subsidiary of Grivalia Properties REIC and this transaction constitutes its first investment. The agreed price for the stake is €27m in cash, of which €1m has already been disbursed as an advance payment, while another €24m will be paid upon the completion of the transaction and the remaining €2m will be deposited in an escrow account for a period of 12 months.
One of the largest privately owned islands in Panama’s Las Perlas archipelago with a total land area of 13.23 square kilometres, Pearl Island is to be developed into a unique high-quality, eco-friendly resort with at least three hotels, as well as villas and residential units.
The WFW team advising Grivalia Hospitality was jointly led by London corporate Partner and Head of the Hotels Group Felicity Jones and Athens Partner and Head of the Greek Corporate, Projects and Finance practice Virginia Murray.
Virginia commented: “This acquisition represents a major commercial step for Grivalia Hospitality and we are delighted to have been able to support them with our corporate and hotels expertise in this new venture”.
