Professional Documents
Culture Documents
Rhodes Hilton
Rhodes Hilton
i x i a , g r e e c e
INTRODUCTION
HVS Hodges Ward Elliott has been exclusively commissioned
to offer for sale the Hilton Rhodes Resort. The hotel contains
402 rooms and is one of the leading 5-star resort properties on
the Island of Rhodes.
• Rhodes is the fourth largest Greek island and benefits from numerous
attractive beaches, unspoilt villages and historical attractions. The
island has the largest number of hotel beds of all Greece’s islands, which
combined with its accessibility and excellent climate, makes it a leading
Mediterranean leisure and convention destination.
• The hotel is located within walking distance from the island’s two largest
conference and convention centres, which are also two of the largest in the
Mediterranean region. Both are important demand generators for the hotel.
• From opening up to 2000, the hotel was operated by Grecotel. Since then,
the hotel has been operated by Hilton International under a management
agreement. This management agreement will be terminated upon a sale.
• In recent years, the hotel has performed well below its full potential.
Through improved operating efficiency, scope exists to substantially
improve the profitability of the hotel.
• The hotel is offered for sale by Ionian Hotel Enterprises S.A., a member of
the Alpha Bank Group.
Hotel History
Ionian Hotel Enterprises S.A. (the “Company”), a
member of the Alpha Bank Group specializing in hotel
assets management, undertook in 1987 the construction
of a hotel property in Ixia, Rhodes, currently operated
as the “Hilton Rhodes Resort” (the “Hotel”). Τhe architect
team consisted of renowned Greek professionals,
including Mr. Tombazis, Mr Dekavalas, Mr. Georgiadis,
and Mr. Kiriakidis.
Hotel construction was completed in 1993, and
the Hotel started operating under the management of
Grecotel S.A. The inauguration ceremony was conducted
on June 1993 and the Hotel assumed full operations
shortly afterwards under the name “Rhodes Imperial
Grecotel”.
The management agreement with Grecotel expired
on 31st December 2000 and Hilton International has
since undertaken the Hotel management and has
been operating the Hotel under the name the “Hilton
Rhodes Resort.”
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Hilton Rhodes Rodos
Ixiaa (Rhodes) Location
Trianta The Hotel is situated on the north-west side of the island, on the beach of Ialyssos (Ixia),
Diagoras a picturesque townlet surrounded by orchards. It is set between a beautiful green hillside
International
Airport
(Mt Filaremos) and the beach of Ixia, combining sea and mountain views and providing
Kamiros opportunities for diverse activities. It is just 13 kilometers from the Diagoras International
Afantou
Airport and 4 kilometers from the city of Rhodes. A footpath for walks connects Ixia bay to the
Alimia
city of Rhodes. A link road that connects the Hotel to the main island artery of Rhodes - Lindos
Archangelos
facilitates guests’ transportation.
Emponas
The west side of the island combines popular resorts, important archaeological sites,
and picturesque villages. Important sites include the church of the Dormition of Theotokos
(Virgin Mary, Mother of God) with its famous woodcarved temple, the Acropolis of lalyssos
Chalki
Lindos (just 6 km away), and ancient Ialyssos, one of the most important archaeological sites on
the island located on the hill of Filerimos, that hosts the remains of the temple of Zeus and
Vatio Athena Poliada as well as the remnants of the Byzantine fortifications, the 14th century church
of the Knights. A winding island road leads up to the ancient town of Rhodes, one of the few
preserved medieval towns in Europe featuring the buildings in which the Knights of St. John
lived six centuries ago.
Ixia is one of the most touristically developed regions of Rhodes Island, hosting two of
Kattavia
the largest and most complete conference and convention centres in the Mediterranean.
Milder weather conditions are prevalent on the west side of the island compared to the east
section. In particular, Ialyssos Bay is considered one of the most favorite sites for windsurfers.
Property Overview
The Hotel is one of the most luxurious properties on the Island of Rhodes,
ranked as a five-star property by the Hellenic Chamber of Hotels (only 12
hotels in Rhodes island, out of 988 in total, are ranked as “five-star”). It is
distinctively built in steps against the green hillside, overlooking the Aegean
Sea. The Hotel lies in 85.000 m2 of lush landscaped gardens, providing a
selection of swimming pools, a private beach and a range of restaurants and
bars, as well as modern meeting and conference facilities.
Its exterior design combines elements of the Rhodian as well as modern
Greek architecture. Local craftsmanship has been extensively utilized to
lend to the building a very unique character. Typical examples comprise the
facade of the building as well as most public areas of the Hotel, such as the
main lounge area and restaurant Castellania, that are artistically veneered
with “Rhodian plaster” respecting the regional architectural tradition. The
high quality interior design features local marble and wooden paneling
which gives the impression of elegance and space, offering luxurious,
sophisticated facilities for the leisure or business traveler. To add further, the
utilisation of natural daylight is prevalent in all public spaces, the main lobby,
the restaurants and the conference areas of the 6th and 7th floor.
ROOMS
The Hotel provides 402 rooms, with sea or mountain view.
The room size is significantly larger than that of the competition, since
the hotel’s average room size is 32 m2, compared to 24 m2 for the average of
the corresponding 5-star category.
89 guestrooms have been recently renovated (58 in 2002 and 31 in 2004). Direct-dial telephone lines,
in-room safe deposit, fully equipped mini bar, hair dryer and individually controlled air-conditioning and fan
coils to provide fresh air, interactive TV system including satellite channels, information channel and pay TV,
electronic lock (including secondary locking device) are a few of the amenities offered at each room. Extra
amenities offered in the Suites are two additional telephone lines (one in the bathroom and one for computer
access), tea & coffee making facilities, iron & board, and electronic lap-top safe. Finally, smoking and non-
smoking floors are separated.
The following table provides more details regarding the distribution of rooms on each floor:
1 12 12
2 22 2 24
3 24 3 27
4 24 4 28
5 21 4 1 26
8 35 11 2 1 37 12
9 39 17 1 39 18
10 27 21 2 3 1 1 31 24
11 27 24 3 4 3 1 34 28
12 25 26 5 4 2 32 30
Main restaurant of the Hotel, ideal for buffet breakfast, lunch and dinner,
situated on the 6th floor, by the 6th floor pool, extends over 1,588 m2, and
can sit up to 400 people, 350 indoors and 50 outdoors.
SPECIALITY RESTAURANT
Bar adjacent to the 6th floor pool, which offers a cosy atmosphere. Total
area is 280 m2 and can accommodate up to 162 guests, including 14 in the
bar section.
POOL BAR
Just outside the main swimming pool, adjacent to Pergola restaurant, for
entertaining day and night.
Imperial Conference Center/Ballroom Situated at the main lobby level (at the 7th floor), adjacent to the Business Center, the Imperial Conference Center is comprised of:
• Two ballroom areas (Imperial A & B)
• Ballroom areas foyer (Imperial Foyer)
• 2 large meeting room areas (Artemis & Ariadne)
• Boardroom (Aphrodite Boardroom); specially designed (based on Hilton specifications) to host high-level meetings; equipped
with state of the art facilities such as specially designed table, automated pull-down projector screen, private coffee-break
amenities, etc.
All Imperial Conference Center rooms can be combined into one single unit/room that can accommodate events for up to 1,600
people. It is an excellent venue for all events from small meetings to large congresses, with natural light and large terraces
for coffee breaks overlooking the wonderful Aegean Sea. Standard conference infrastructure (video/slide/overhead projectors,
flipcharts, LCD TV, etc.) is available.
Lindos Conference Area Situated one floor above the main lobby area (8th floor). Comprises of 5 different rooms of two sizes (48 or 77 m2) that can host 50
or 70 guests in theatre seating each accordingly.
Ideal for break-outs, separate work sessions/work groups and parallel panels during a conference.
Elafos Conference Area Situated on the 6th floor, adjacent to the Castellania Restaurant/Bar. It comprises 3 different rooms which can accommodate 65,
65 and 130 guests in theatre seating respectively.
The Bar and Foyer section at Elafos Conference provide an ideal space for conference coffee breaks and drinks, small receptions
for conference guests. Elafos Rooms have also successfully been used in the past for special viewing sessions and animation
activities.
Kamiros Conference Area Situated on the 6th and 7th floors, comprises three multi-purpose conference rooms connected via an internal staircase.
The design of the Kamiros Conference Area makes it ideal for independent small-size conventions of up to 200 guests capacity,
with the possibility of three parallel panels/ work sessions. Its separate (from the main Hotel lobby) entrance, allows for conference
privacy from the rest of the activities or other conventions that take place simultaneously at the hotel.
Business Center Equipped with two computer terminals boasting internet connections, several telephone lines, a fax machine, two printers, and
a photocopier, providing all necessary support to accommodate the business needs of hotel guests.
Internet Café A host of computers with internet connection, located by the main swimming pool, allows guests to keep in touch with their life
abroad.
The following table summarises the conferences and meeting rooms’ dimensions and capacities
based on different seating arrangements:
Dimensions Maximum Capacity
Ceiling
Room Name Height (m) Area (m2) L/W (m) Banquet Reception Classroom Theatre
SWIMMING POOLS
The property offers three swimming pool alternatives:
• Main Outdoor Swimming Pool: Situated on the ground floor,
surrounded by nicely landscaped gardens, the Dance Floor, and the
Pergola Restaurant. One of its key points is its unique design topped by
a nicely architected bridge. It is supplemented by a Children’s / Paddling
Pool for younger guests, on one of its sides.
• 6th floor Outdoor Swimming Pool: Adjacent to the Castellania
restaurant and the Lobby Lounge, it offers panoramic view of Ixia Bay and
provides for an alternative relaxed swimming and sun-bathing experience.
• Indoor Heated Swimming Pool: Part of the Health Club and the Indoor
Squash Courts, it offers another indoor exercising option, and a swimming
alternative during the winter months.
Dimensions
Floor Area (m2) Height (m)
The main area of the Health Club extends over 144 m2 covered with special purpose carpet, and the supplementary rooms comprise of a total of 70 m2. A gym equipment
storage area of 8 m2 is also available.
Outdoor Sport Facilities: • 2 outdoor tennis courts - floodlit and they can also be set up as basketball or volleyball courts,
• Outdoor table tennis,
• Beach volleyball court set up at the private beach front area,
• Water polo facilities installed at the main swimming pool,
• Outdoor Children’s Garden equipped with innovative recreational amenities,
• Also, independently managed Water Sport Centre on the beach is available, offering windsurfing, jet skiing, wakeboarding, water
skiing, canoeing and motorboat excursions,
• A choice of two outdoor swimming pools
Games Room: Adjacent to the indoor gymnasium facilities, it offers a wide selection ranging from traditional board games to darts, table tennis,
air hockey and a pool table.
• Winding paths on the island’s numerous hills provide the setting for
memorable walking and mounting trekking while enjoying magnificent
views and visiting cultural monuments.
Afando Golf Course • Additional sports facilities available on the island include, inter alia, golf
course, football pitch, indoor basketball courts and a cycling track.
RETAIL OUTLETS
Two Shopping Arcades within the hotel offer a variety of shopping spaces
sufficient for diverse retail/concession alternatives like mini market, tailor/clothing
shop, jewellery & art shop, and hairstyling & beauty treatments studios, among
others.
More specifically:
• 1st floor Shopping Arcade offers nine individual store spaces ranging
from 9-96 m2
• 7th floor Shopping Arcade offers four sizeable individual store spaces of
around 24 m2 each.
All stores are connected to hotel’s central air conditioning/heating facilities.
None of the store spaces have window or door openings to the public road,
only towards the private Hotel property areas.
The variety of stores that operate currently in the shopping arcades, include:
• On the 1st floor: mini market, tailor shop, women’s accessories store
(occupies two combined store areas), hairdressing salon and casual
clothes’ store. One of the remaining stores is currently utilised as an
animation room for young kids.
• On the 7th floor: jewellery shop and the Business Centre
TRANSPORTATION
A Car Rental desk is available in the hotel lobby area and a 100-space underground Car Parking, of total size of 2,500 m2, exists. An additional plot of land of 4,000 m2 ,
owned by the hotel, is also currently used as an open-space parking area.
INFRASTRUCTURE
A fire detection system is installed in all public areas. All the guest rooms are equipped with two water sprinklers each.
There is a central air conditioning system with three chillers (four compressors each).
BUILDING SYNOPSIS / KEY CONSTRUCTION DATA
The overall land area is 85,000 m2. The total built area is 62,254 m2, including the underground
parking and all recreational spaces and support rooms.
The edifice is divided into two sections/wings, upper and lower. Floors 6 and 7 are the
common floor for both wings. There are separate foundations for the two wings and all the
necessary expansion joints exist. Foundation is supported with armed bind-beams. Standard
construction techniques have been followed: reinforced concrete foundation with interior
and exterior walls made of brick. Overall, the construction is deemed very solid by external
evaluators.
Due to the ground incline, there is effectively no underground space. All of the
supplementary/supporting areas (engine room, laundry, parking, maintenance, storage, etc)
are internal, and usually located between floors 1 and 4. All storeys have balconies and all
floors are covered with wall-to-wall carpeting. Frames are metallic, doors are wooden with T30
fire protection grade, and the facades are covered with plaster.
Detailed information of the building layout on a floor-by-floor basis is presented in the following table:
CAPITAL EXPENDITURE
Significant investments have been made to the hotel property since its
completion in 1993, totaling up to €4.2 million, and include replacements,
extensions and renovation of key property facilities.
Expenditure for the last five years has primarily targeted the modernisation of the convention facilities, amounting to €1 million and include the following:
• construction of the boardroom,
• creation of a business centre,
• upgrading of conference halls according to the standards of Hilton Meetings,
• Business center and computer room configuration.
In addition, during the last five years, investments to renovate the Hotel public areas as well as the rooms and to upgrade systems infrastructure and other equipment
totaled up to €1.5 million and include the following:
• construction of a supplementary pool bar,
• renovation of the lounge bar,
• refurbishment of 87 rooms (27 on 5th floor, 30 on 12th floor, and 30 on 11th floor) that amounted up to €1 million in total,
• improvement of systems infrastructure, and installation of new software programs,
• new equipment,
• improvement of fire, life and safety system in all rooms.
A capital expenditure plan suggests additional required capital investments in the area of €3-4 million within the next 3 to 5 years to cover renovation of the rest of the
guestrooms, refurbishment of the health club, replacement of gym equipment, and substitution of the refrigeration towers.
Introduction
Rhodes (or Rodos), one of the most beautiful islands in the North Eastern Mediterranean
Sea, is the fourth largest of the Greek islands and the largest in the Dodecanese island
complex that lies south east of mainland Greece. It is a scenic spot comprising unique
beaches, unspoilt villages, varied landscapes and historical sites. Its landscape comprises
mainly of hills and low mountains.
Rhodes is the third most popular destination in Greece (based on annual tourist
arrivals’ figures), following Athens and Heraklion, Crete. It has become a leading leisure
and business destination due to its ability to attract all types of tourist activity year round.
Characteristically, monuments from its turbulent history can be found throughout
Rhodes, intermingled with modern hotels, bars and restaurants.
P
Metsovo Nikaia
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Ioannina io s
Pi n e
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THESSALIA Rigaio
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906 Katsikas 2469
i
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Mathraki Filiates Pramanta Pyli
Liapades Karditsa Sofades Farsala
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LOCATION AND ACCESSIBILITY Kerkyra (Corfu) 2393 Ac
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Paramythia 1974
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Kallifoni Almyros
Igoumenitsa 2184 Neo Monastiri
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Rhodes is located at the southeastern edge of the archipelagos of the Kerkyra IPEIROS
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Easy accessibility to the island via the airport and the sea port, facilitates
Antipaxoi
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travelling to and from other regions of Greece and abroad: IONIOI NISOI Giona
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Lefkada Palairos 1924
1589 Amfissa 2457
• There are daily boats from Pireaus (Athens port) and frequent connections Lefkada 1158 Kandila DYTIKI ELLAS Thermo Parnassos
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n i
Agrinio Itea
L. Trichonida
Acheloös
(Leucade) Panaitolio Mataragka
to the rest of the Dodecanese islands (Patmos, Kalymnos, Leros and Astakos Nafpaktos
n
Akra Doukato os
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n
Korinthiako
Mor
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Kos) as well as to other islands in the Aegean sea, including the popular Mesolongi Aigio
Akra Dafnoudi
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Patra Xylok
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Ithaki
Santorini, Mykonos, and Crete. There are also less frequent ferries to P a t r a ïk o s K o l p
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Ithaki Akra Araxos Vrachnaïka
Sami Kato Achaïa Kalavryta Z
islands at the Northern side of the Aegean Sea (Samos, Chios, Lesvos and Lixouri Argostoli 2341 2374
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2221 Kyllin
Limnos) as well as to Thessaloniki, the second largest city in Greece. Kefallonia 1627 Poros
Akra Mounta
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• Highspeed boats allow for daily excursions or overnight trips to nearby Gastouni
P e l o p o n n i
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locations (such as the islands of Simi, Kastelorizo, Kos, Kalymnos, Patmos, Platanos 1981
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756 Zakynthos Pyrgos
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Tilos and Leros) and the Turkish sea shore. Daily cruises around the island
n s (Zante) Akra Marathia
Akra Katakolo
Kyparissiakos
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1419
Megalopoli
visiting isolated pristine beaches are also available.
d o Kolpos
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PELOPONNIS
• There are several daily flights from Athens and three flights a week from s i Kyparissia Meligalas
T
) Arfara
av
Santorini. Charters directly from major European cities are Filiatra
g
Strofades 1224
Gargalianoi Messini
Chora Kalamata
arranged during the summer months. Proti 24
Petalidi
• British Airways has two direct flights per week, on Wednesday PylosLonga Messiniakos
Kolpos
Methoni Koroni
and Saturday, from London Gatwick. Sapientza Akra Akritas
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Pagasitikos Argalasti 680
Patitiri
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Akra Kartsino
VOREIO AIGAIO
Nea Anchialos Skopelos
Akra
Kolpos
Skiathos Skopelos
Skyros
Skyros Vamvakas Izmir
792 Marmaro
530
1726 Istiaia Valaxa Antipsara 1297
gia Psara Volissos
Loutra Akra Sarakiniko Akra Kymis Chios
Aidipsou Mantoudi Kymi Chios
Voreios 1343 1743 Oxylithos
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os Konstantinos ï k o Psachna Ochthonia
s Nea Artaki
STEREA ELLAS
Malesina K o l p
Martino
Drosia
os
Chalkida Aliveri Krieza Evvoia (Euboea) Akra Masticho
Marathokampos
1413 Marathonas 1398 Akra Fanari
1748 Kapareli Erythres Akra Kampanos
Parnitha Nea Makri Platanistos
1409 Nea Liosia Kifisia Kolpos Karystos Andros Makronisi
Mandra Petalion Gavrio Agios
o Kopo
s Zografos Petaliori Andros Ikaria Christos Kirykos
s Peristerio 994 Arkoi
Agathonisi
kastro
Kiato
Loutraki
Megara Salamina
Agioi Theodoroi
Koropi
ATHINA (Athens)
Keratea
Tinos
Akra Livada
1033
Akra Papas Leipsoi
Voula Agios Dimitrios 650 Patmos
Zevgolatio Salamina Gyaros Tinos
Korinthos Palaia
ni (Corinth) Peiraias Fokaia
Lavrio Kea Gyaros
Ermoupoli
Mykonos
Leros
D
Mykonos
Nemea Chiliomodi Sofiko
Kallithea Kea Syros Rineia
Kalymnos
678
(
Aigina Loutra Poseidonia
dila Agios Donoussa Kos
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1199
os
Argos Kalymnos
s o s Lygourio Naxos Levitha
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D
Poros Poros
Kythnos Kanala 846
Pse
Kinaros
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i Nafplio
Paros Paros Naxos e Kos
Kardamaina
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1113
Tripoli Ermioni ATTIKI 1001
Kefalos
Symi
Serifos 821
k Rodos (Rhodes)
d
Kranidi Ydra Serifos 771 Keros Gyali Trianta
Antiparos Amorgos e
Ar olp
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a
K
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Irakleia Afantou
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K y k l a d e s
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a n Alimia Archangelos
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Geraki Folegandros
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P é l a g o s Milos Folegandros
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to
Anafi Anafi
404 Thira
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s
Akra
Arna
Skala Molaoi
Ierax
Thira 566
Pachia Makra
Akra Prasonisi
Ananes Emporeio Zafora
Papadianika Monemvasia Akra Paraspori
Gytheio
Areopoli Lakonikos
( C y c l a d e s ) Karavonisia
Astakida Diafani
Kolpos Neapoli
Akra Maleas
Elafonisos Chamili Divounia Karpathos
Vathia Karavas SEA OF CRETE 1215
Akra Tainaro
Potamos Kythira H V S H O D GKarpathos
ES WARD ELLIOT T 39
507 Avlemonas
Municipality of Lalyssos - This is a thriving and popular tourist resort region, with modern hotels
suitable for holidaymakers, business travellers and conferences alike. Its location on the north westernly
part of the island protects it from the strong southerly winds, making it a haven for watersports. Inland, the
region has an abundance of archaeological sites, with picturesque countryside and excellent sea views.
Municipality of Kallithea. Stretching the length of Faliraki beach, the region has numerous
churches which are well worth visiting, but what really attracts the crowds are the beaches, the hotels,
entertainment and Italianate spas. Kallithea Bay is home of the Italian spa complex and exotic vegetation,
while Traganou beach exhibits impressive rock caves.
Municipality of Petaloudes - The region comprises numerous villages, communities and valleys.
Although very much a rural area, tourism to the municipality is starting to grow. There are many
attractions here from Byzantine monasteries and churches to unique flora and fauna. The villages are
also very welcoming, and locals and tourists mix in the traditional village tavernas. Key attraction is the
Petaloudes (“Butterflies”) Valley, an area of natural beauty famous for its panaxia quadripunctaria butterflies.
Municipality of Afandou - Combining the villages of Afandou, Kolymbia and Archipoli, this is a very traditional region where locals still retain their customs and simple
manners. It has plenty to offer to visitors, especially outdoor pursuits. Main attraction is a 18-hole golf course, close to Afandou beach, that is open year round. Little Afandou
train, great for families, makes the circuit round all the interesting sights in the region, including the beach at Afandou Bay.
Municipality of Kamiros - This is one of the most important regions of Rhodes, with numerous historical sites and areas of natural beauty. The ruins of the ancient city
of Kamiros were discovered in the 19th century and are still open today for visitors to see. There are many monasteries throughout the region. Salakos, a traditional village at
the foot of Profitis Ilias, is known for its picturesque countryside and natural springs and is ideal for walkers. The Church of Agios Nikolaos is one of the most beautiful and
esteemed Byzantine churches in the Mediterranean region.
Municipality of Archagelos- Probably one of the most traditional regions of Rhodes, the municipality of Archangelos still retains its particular character. While the
region has hotels for visitors, they are family run affairs, rather than the larger hotels found on the rest of the island. Natural beauty is unmatched combining a beautiful valley
with clear springs and enormous plane and pine trees, and small picturesque
harbours. There is also much evidence of arts and crafts since pottery and
hand-made tapestries are still practised.
Municipality of Ataviros - Mt. Ataviros is the highest mountain on
Rhodes, overlooking the other nine villages that make up this region.
The area is a combination of mountainsides covered with vineyards and
villages, rugged coastline and isolated beaches. The stunning ruins of the
Medieval castle of Kritinia, and the castle of Monolithos are a few remnants
of past glory.
Municipality of Lindos - Combining several picturesque villages, this
region is steeped in history with the main point of interest being the huge
Acropolis. Built on a steep rock 116 metres high, the Acropolis overlooks
the town of Lindos, which it has protected since the 4th century. Lindos is an
attractive town with unique architectural style of pretty houses, magnificent
flower filled courtyards and narrow streets with tavernas, shops and
restaurants.
Municipality of Southern Rhodes - Rhodes’ largest region, Southern
Rhodes is made up of 12 villages and is very different from the rest of the
island. Most of the villages date back to medieval times and have retained
their unique character. Apolakia Dam, an important development on this
part of the island, has been built to create a natural reserve and is home to a
variety of unusual plant and bird life.
Tourism Infrastructure
Rhodes is one of the most popular tourist destinations in
Greece, as arrivals’ distribution statistics show. Rhodes ranks
third, based on arrivals by planes that comprise 81.82% of total
arrivals in Greece. In addition, the Islands of the Aegean Sea
(Dodecanese and Cyclades) account for 32.6% of total annual
tourists staying in Greece, compared to Creta (27.3%), Ionian
Islands (13.7%) and Attica (9.1%). (ICAP survey data).
SEA
Rhodes port is one of the busiest ones in Greece, as
Rhodes is featured on the itinerary of many cruises originating
in Greece and some from other countries as well.
Port Annual Activity
2001 - 2004
Boats Cruiseships
Volume Growth (%) Volume Growth (%)
Compound Annual
Growth Rate 6.7 % -4.2 %
AIRPORT
The third busiest airport in Greece, represented in recent years total
arrivals figures:
Airport Annual Arrival Volume
1997 - 2005
Total Arrivals Growth (%)
1997 1,028,500
1998 1,111,672 8.1 %
1999 1,335,875 20.2
2000 1,340,830 0.4
2001 1,361,951 1.6
2002 1,288,132 -5.4
2003 1,228,120 -4.7
2004 1,162,169 -5.4
2005 1,193,547 2.7
CASINO
Casino Rodos located at the Grande Albergo delle Rose boutique hotel
complex is situated in Rhodes town, found on the northern tip of Rhodes. It
is only a fifteen-minute drive from Diagoras International airport and a five-
minute drive from the hotel.
HOTELS
The supply of hotels in the island is abundant with a large
percentage of luxury hotels, a data point that speaks to the level of
overall tourist development of the island and the number and type of
tourists it can attract.
Rhodes 68,738
Heraklio 60,680
Corfu 43,529
Chalkidiki 41,745
The cumulative 2004 hotel rankings of the top four destinations in Greece (Athens, Heraklis and Rhodes), as
well as totals for Greece and Dodecanes are presented in the following table.
Detailed Supply per Category
COMPETITION IN LALYSSOS
The primary competition of Hilton Rhodes resort is as follows:
SOFITEL CAPSIS
www.capsis.gr
Owner: Private ownership and management by Capsis family, Sofitel brand name
Key facts: 5-star hotel, 691 rooms, 11 food and beverage venues, Conference Center with congress hall for up to 4,000 people and 18 meeting rooms.
Description: Large conference – oriental hotel, possessing one of the two largest Conference Centres on the island.
MIRAMARE WONDERLAND
www.mamhotel.gr
Owner: Member of Mamidakis Hotels
Key facts: 5-star hotel, 70,000 m2, 175 rooms, 2 food and beverage locations.
Description: Conceived and built as a small community, nested along its private 1,5 km long sea-front. Distinct landscape design, translates into extensive areas of
gardens, a pool, an artificial lagoon and several covered walkways. Each villa or cluster of bungalows is designed in individual unique architectural style.
RODOS PALACE
www.rodos-place.gr
Owner: Member of Cambourakis Group of Hotels
Key facts: 5-star hotel, 3,000 m2, 785 rooms, 11 food and beverage venues, Convention Center accommodating up to 4,000 guests, 21 meeting rooms. Complex
comprises of a 20-storey tower with luxurious rooms and suites, 7-storey Executive VIP Wing for conference delegates and 14 units with studios, apartments
and bungalows.
Description: The International Convention is recognised as one of the most complete and largest purpose-built Conference Centers in the Mediterranean region, and is
the second largest on the island. It is the official venue for the European Union Summit and Western European Union Council of ministers.
HVS HODGES WARD ELLIOT T 51
the hilton rhodes resort
i x i a , g r e e c e
www.rodian-beach.gr
Owner: Member of Cypriot Company Amathus
Key facts: 5-star hotel, 333 rooms, 6 food and beverage venues,
banqueting facilities in main ballroom with capacity of
up to 200 people.
Description: Spacious public space with medieval architecture. The
hotel has undergone partial refurbishment over the past
two years.
www.grecotel.gr
Owner: Member of the Grecotel Group.
Key Facts: 4-star hotel, 308 rooms and 61 bungalows, 4 outdoor
swimming pools
Description: Located at Faliraki beach. The well-kept gardens, the
marble lobby, the stylish lounges with wall and ceiling
frescos are key characteristics of the resort.
PALLADIUM
www.rodospalladium.gr
Owner: Private ownership by George Katris, Rhodian Company
of Hotel Enterprises Katri A.E.
Key Facts: 5-star hotel, 377 rooms, conferencing capabilities of up
to 750 delegates total, 5 food and beverage venues
Description: Located at Faliraki beach.
The most prevalent tourism type worldwide and in particular in Rhodes, hotel packages address the annual vacation
needs of families, couples and friends’/relatives’ companies. The size of the hotel, as well as its offerings across lodging,
dining and entertaining can make it suitable for the variety of ages and interests of this group.
CONVENTION TOURISM
The Island of Rhodes is a top-of-mind conference destination in the wider Mediterranean and South Eastern European
region, due to the overall proposition of the Island, its mild weather conditions, location, natural beauty, as well as the recent
investments in large-scale convention facilities. Attracting convention tourism is a key marketing strategy for the hotel that can
allow for extension of the regular “annual season” before April and beyond October. Proximity to the two largest conference
centers of the island (and most fully equipped in the Mediterranean sea) of total capacity around 8,000 people makes the
universe of National or International Conference-related partnerships endless.
Tour Operators consistently make up the largest proportion of business, with Groups/Incentives (corporate events)
second. Under Grecotel Management, the focus was primarily on tour operator business. Hilton have increased the emphasis
on the group and incentive segment.
Marketing Mix
1994-2000 2001 2002 2003 2004 2005 Average
Note: Between 1994 and 2000, the hotel was managed by Grecotel
The Hotel has traditionally worked with and has established strong long-term relationships
with mainstream tour operators, which include TUI, Jet Air, Pegase, and Thomson among others.
The following table breaks down the business generated by Tour Operators between 2000 and
2005, presenting actual production numbers.
Tour Operators Production
Production Roomnights
Tour Operator Country 2001 2002 2003 2004 2005
BEDNIGHT BY NATIONALITY
1997 1998 1999 2000 2001 2002 2003 2004 2005 CAGR
Greece ( inland ) 5,041 9,772 12,016 7,651 11,654 12,313 12,855 14,379 18,731 15.7 %
United Kingdom 11,799 17,302 21,496 18,654 20,297 24,442 26,297 19,054 21,498 6.9
Austria 1,583 781 1,583 2,354 1,169 1,329 511 1,305 612 - 10.0
Benelux 21,168 36,395 38,003 33,624 21,986 20,189 21,906 22,585 22,506 0.7
France 1,137 1,924 1,460 1,039 1,299 1,873 1,802 1,577 2,970 11.3
Germany 52,792 39,169 39,399 49,990 18,147 15,604 10,346 11,038 9,084 - 17.8
Switzerland 2,852 2,275 2,806 2,604 1,653 1,230 903 1,021 715 - 14.2
Italy 6,904 12,843 7,944 4,332 2,615 2,267 8,288 10,357 10,186 4.4
USA 1,297 2,039 1,362 2,444 2,511 3,362 2,487 3,294 5,650 17.8
Israel 1,096 2,713 8,733 1,104 16,067 16,909 7,600 11,684 15,346 34.1
Turkey 56 2,351 1,572 298 528 906 2,441 2,862 3,475
Other 3,786 8,877 8,291 1,048 21,005 17,302 15,706 9,759 12,752 14.4
TOTAL 109,511 136,441 144,665 125,142 118,931 117,726 111,142 108,915 123,525 1.3 %
Recent trends based on 2004 and 2005 experience imply an increase on the Belgian and German markets, and a strengthening relationship with the Israeli market.
LABOUR FORCE
The hotel has historically operated for an average of 214 days per year, between the months of April and October (“season”), while for the rest of the year it remains
closed. During the “season”, the Hotel employs about 220 people on average, while the rest of the year, the hotel staff amounts up to about 20 people in total. Total number
of full-time and seasonal employees could vary significantly based on hotel management choices and operations standards. All employees currently working at the hotel are
directly employed by the Ionian hotel Enterprises with the exception of the General Manager who is a Hilton International executive. All personnel related data described in
the following paragraphs are based on historical hotel operations data.
“Full time” employees (that support the hotel operations throughout
the year), include the general manager, accountant, human resources
officer, director of operations, sales officer, information systems manager,
conferences organizer, financial director, chief engineer and technical
building/equipment maintenance & support.
Typical personnel roles’ distribution at “season”, based on past hotel operations, is the following:
Management Division (20) Room Service Division (63) Food & Beverage Outlets (113) Maintenance Division (18)
General Manager Division Director Director Head Division Head
Secretary Reception (11) Head of outlets (2) Technicians (9)
Director of Finance Grooms (5) F&B control (2) Gardners (3)
Accountants (5) Head of Floors & Assistants (3) Cooks (29) Pool & Beach (5)
Driver Chambermaids (31) Buffet (3)
Storage room personnel (3) Cleaners (4) Pastry cooks (3) Recreational Division (8)
HR Officer Laundry room personnel (7) Butcher (2) Head
PR Officer (2) Linen room employee Kitchen cleaning (11) Gym Instructor (2)
Sales/ Reservations (3) Waiters (53) Musician
Lifeguard Barmen (7) Animation (6)
Information Systems
SEASONALITY
OCCUPANC Y SEASONALIT Y 2002 - 2005
Occupancy Seasonality
2002-2005
January February March April May June July August September October November December Total
2005 Available Rooms 4,010 12,431 12,030 12,431 12,431 12,030 10,426 2,406 78,195
Occupied Rooms 1,196 6,110 8,504 10,420 11,794 11,075 7,006 625 56,730
Occupancy (%) 29.8% 49.2% 70.7% 83.8% 94.9% 92.1% 67.2% 26.0% 72.5%
Average Room Rate () 45.4 56.0 59.2 72.7 78.8 61.6 62.2 59.2 65.9
2004 Available Rooms 11,629 12,431 12,030 12,431 12,431 12,030 9,624 82,606
Occupied Rooms 3,331 7,540 7,834 9,071 10,712 9,762 6,218 54,468
Occupancy (%) 28.6% 60.7% 65.1% 73.0% 86.2% 81.1% 64.6% 65.9%
Average Room Rate () 46.3 71.3 76.2 70.4 78.8 67.8 57.0 69.5
2003 Available Rooms 12,030 12,431 12,030 12,431 12,431 12,030 12,431 85,814
Occupied Rooms 4,186 5,650 8,405 9,056 11,749 10,640 5,926 55,612
Occupancy (%) 34.8% 45.5% 69.9% 72.9% 94.5% 88.4% 47.7% 64.8%
Average Room Rate () 50.5 53.6 67.2 80.3 77.0 69.4 69.7 69.5
2002 Available Rooms 1,604 12,030 12,431 12,030 12,431 12,431 12,030 12,431 1,203 88,621
Occupied Rooms 1,120 4,970 7,598 8,901 9,829 11,380 9,750 5,657 27 59,232
Occupancy (%) 69.8% 41.3% 61.1% 74.0% 79.1% 91.5% 81.0% 45.5% 2.2% 66.8%
Average Room Rate () 36.57 43.5 56.4 67.8 70.6 77.6 70.9 65.8 57.3 66.4
HISTORICAL PERFORMANCE
The Hilton Rhodes Hotel has been operating fully since 1994. During the period 1994 – 2004 the hotel has been managed by two specialised operators, namely Grecotel
S.A. (1994-2000) and Hilton International (2001-2004). The financial performance of the hotel has been following a mixed trend, steadily improving in the first half of the
period, – peaking in 1999 – and presenting moderate results henceforth.
Factors contributing, among others, to recent results can be attributed to the 11 September 2001 terrorist attack in the U.S., which severely affected global tourism, the
war in Iraq, the tardy implementation of a strategic plan from the Greek Ministry of Tourism, the economic slowdown on both sides of the Atlantic and the European Tour
Operators status.
The table below summarily presents the key financial indicators of the Hilton Rhodes Hotel for the period 1994-2004
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
Number of Rooms:
Days in Operation: 243 242 226 227 218 214 209 216 221 214 206 195
Occupied Rooms: 83,975 68,384 70,144 76,136 67,697 71,093 66,419 59,448 59,232 55,612 54,468 56,730
Occupancy: 86.0 % 70.3 % 77.2 % 83.4 % 77.3 % 82.6 % 79.1 % 68.6 % 66.8 % 64.8 % 65.9 % 72.5 %
Average Rate: 32.8 41.4 43.1 44.1 48.0 51.1 55.3 67.5 66.1 69.4 71.0 66.4
RevPAR: 28.2 29.1 33.3 36.8 37.1 42.2 43.7 46.3 44.1 45.0 46.8 48.1
REVENUE (000s)
Rooms 2,757 2,832 3,025 3,360 3,252 3,633 3,673 4,011 3,912 3,862 3,865 3,765
Food & Beverage 3,115 3,002 3,292 3,559 3,574 3,952 3,918 3,414 3,395 3,342 3,129 3,251
Other Revenue 381 416 308 407 367 383 388 344 281 293 268 357
Total 6,253 6,250 6,625 7,326 7,193 7,968 7,979 7,769 7,589 7,497 7,262 7,373
GROSS OPERATING PROFIT (000s)) 1,741 1,748 1,894 2,364 2,409 2,836 2,183 747 660 1,333 848 999
27.8 % 28.0 % 28.6 % 32.3 % 33.5 % 35.6 % 27.4 % 9.6 % 8.7 % 17.8 % 11.7 % 13.6 %
O P E R AT I N G H I S TO R Y 2 0 0 2 - 2 0 0 5
2002 2003 2004 2005
1
Includes Property Insurance
PERFORMANCE POTENTIAL
The management of Ionian Hotel Enterprises S.A. has identified
numerous factors which should contribute to a substantial improvement
of the hotel’s financial performance:
• Increase cost efficiency and achieve improved cost/income ratios,
in alignment with those of comparable hotels, and particularly
with regard to personnel costs.
• Establish relationships with local operators and improve
relationships with current partners.
• Develop new partners in the local market in order to increase
exposure internally, and enhance domestic tourism.
• Target other distribution channels’ untapped potential, in order to
shift the business mix toward more lucrative customers.
• Place emphasis on recurring business.
• Extend the operating period through the offering of specialty
tourism and selective targeting of customers.
• Refurbish rooms, the health club and upgrade restaurants, so as
to maintain a market leading position in terms of facilities as a
premium hotel of 5-star status.
H OT E L P E R F O R M A N C E - S TAT I S T I C D E TA I L S
Actuals Forecast
Operating Statistics () 2003 2004 2005 Year One Year Two Year Three Year Four Year Five
Occupancy 64.8 % 65.9 % 72.5 % 72.0 % 74.0 % 78.0 % 80.0 % 80.0 %
Average Daily Rate 69 71 66 72 79 91 105 110
RevPAR 45 47 48 52 59 71 84 88
RevPAR Percentage Growth 4.0 % 2.9 % 7.7 % 13.1 % 21.2 % 17.9 % 5.0 %
Number of Rooms 401 401 401 402 402 402 402 402
Occupied Rooms 55,612 54,468 56,730 60,782 62,471 67,415 69,144 69,144
Revenue ()
Rooms (000s) 3,862 3,865 3,765 4,376 4,948 6,140 7,242 7,604
Food & Beverage Per Occupied Room 60.1 57.5 57.3 57.1 58.4 59.4 60.7 62.2
Telephone Per Occupied Room 0.6 0.5 0.6 0.6 0.6 0.7 0.7 0.7
Other Income Per Occupied Room 4.7 4.5 5.7 6.2 6.2 6.2 6.3 6.4
Actuals Forecast
Departmental Expenses 2003 2004 2005 Year One Year Two Year Three Year Four Year Five
Rooms Percentage 30.7 % 31.6 % 32.0 % 28.0 % 25.8 % 22.5 % 19.9 % 19.4 %
Per Occupied Room 21.3 22.4 21.3 20.2 20.4 20.5 20.8 21.3
Food & Beverage Percentage 80.6 % 82.6 % 77.5 % 75.6 % 74.9 % 73.5 % 72.9 % 72.9 %
Per Occupied Room 48.5 47.4 44.4 43.2 43.7 43.7 44.2 45.4
Telephone Percentage - % - % 65.7 % 53.0 % 52.4 % 51.3 % 50.8 % 50.8 %
Other Income Percentage 33.2 % 35.5 % 67.1 % 49.8 % 49.4 % 48.6 % 48.3 % 48.3 %
Undistributed Oper. Expenses
Admin. & General Percentage 11.5 % 13.2 % 12.5 % 10.9 % 10.1 % 8.8 % 8.4 % 8.3 %
Per Month 71,820 79,769 76,687 75,027 75,648 72,186 71,251 68,293
Marketing Percentage 2.2 % 3.5 % 2.8 % 3.2 % 3.1 % 2.9 % 2.7 % 2.7 %
Prop. Operations & Maint. Percentage 8.0 % 9.7 % 8.6 % 5.8 % 5.6 % 5.2 % 4.9 % 4.9 %
Per Month 50,023 58,821 52,583 40,193 42,055 42,538 41,987 40,244
Energy Per Occupied Room 10.3 11.1 11.5 10.8 10.9 11.0 11.4 11.6
Percentage 7.6 % 8.4 % 8.8 % 7.9 % 7.6 % 7.0 % 6.6 % 6.5 %
Management Fee Percentage - % - % - % 3.0 % 3.0 % 3.0 % 3.0 % 3.0 %
Fixed Charges
Property Taxes Expense per Month 7,824 7,734 7,417 7,372 7,556 7,319 6,966 6,664
Reserve for Replacement Percentage - - - 4.0 % 4.0 % 4.0 % 4.0 % 4.0 %
NOTE:
The financial projections and investment analyses represented herein contain estimates and assumptions based on our study of the current market conditions. HVS Hodges Ward Elliott neither warrants nor
guarantees the results of these projections and analysis.
NOTE:
The financial projections and investment analyses represented herein contain estimates and assumptions based on our study of the current market conditions. HVS Hodges Ward
Elliott neither warrants nor guarantees the results of these projections and analysis.
R E T U R N A N A LY S I S
SOURCE AND USE OF FUNDS (000s)
Year One Year Two Year Three Year Four Year Five
Net Operating Income 1,235 1,708 2,675 3,557 3,811
First Mortgage Annual Payment 1,333 1,873 1,873 1,873 1,873
Cash Flow after Debt Service (97) (164) 802 1,684 1,938
Debt Service Coverage Ratio 0.93 0.91 1.43 1.90 2.04
R E T U R N A N A LY S I S
CAPITAL GAIN CALCULATION (000s)
Year Zero Year One Year Two Year Three Year Four Year Five
Equity (14,700)
Cash Flow after Debt Service (97) (164) 802 1,684 1,938
Net Sales Price 51,939
Remaining First Mortgage Balance (24,264)
Net Cash Flow (14,700) (97) (164) 802 1,684 29,614
NOTE:
The financial projections and investment analyses represented herein contain estimates and assumptions based on our study of the current market conditions. HVS Hodges Ward
Elliott neither warrants nor guarantees the results of these projections and analyses.
BASIS OF SALE
The hotel is offered for sale by Ionian Hotel Enterprises.
The contemplated sale can be effected via the two alternative structures
presented below:
1. Asset Sale: the most straightforward route*.
2. Company Sale: more complicated and potentially time consuming
structure where:
Either,
a. Ionian Hotel Enterprises spins off the business unit of Hilton Rhodes
Hotel to a 100% subsidiary of the company (no taxes incurred).
Subsequently, it sells the shares of the non-listed subsidiary company
to the Selected Investor and incur a tax on the transfer of non-listed
shares (approx. 5%) calculated on the value of the transaction.
Or,
b. Ionian Hotel Enterprises spins off the business unit of Hilton Rhodes
Hotel to a company indicated by the selected investor. Subsequently,
it will receive shares equal to the book value of the transferred assets,
and can transfer sell these to the Selected Investor, incurring a tax on
the transfer of non-listed shares (approx. 5%) calculated on the value
of the transaction.
* the purchaser will incur an asset transfer tax of 11%
CONTACTS
For further information, or to organise an inspection of the property,
please contact:
H V S H O D G E S WA R D E L L I OT T
1 Lancaster Place
London WC2E 7ED
UNITED KINGDOM
Tel: +44(0) 20 7257 2000
Fax: +44(0) 20 7257 2009
www.hvshwe.com