Main Photo: Castello Bibelli
Date: January 2020
Location: Dasia Beach, 13 km from Corfu Town, Greece
Name: Castello Bibelli
No. of Keys: TBA
Seller: The state-owned 77,000 sqm property and buildings located 700m from Dasia Beach and some 13 km from Corfu town, near the village of Kato Korakiana, had operated as a hospital in WWII and as a luxury hotel in the 1960s only to fall into disrepair later in time.
Buyer: One of Corfu’s most famous and culturally significant landmarks, the Castello Bibelli has passed into the hands of Castello Bibelli SA, set to be converted into a hotel and resort complex.
The share purchase agreement was signed this week between Greek assets body (HRDAF) Chairman Aris Xenofos, Castello Bibelli SA Chairman & CEO Sam Fais, and the entity’s vice president, Charalambos Pandis.
Castello Bibelli SA aims to invest over €20 million in the development of the historic property, which includes the mandatory restoration of the fortress (Castello, Zone 1), designated by the culture ministry as a contemporary monument. Once completed, the Castello, built in 1905 by Italian Admiral Luca Mimbelli, will operate as a hotel. The remaining property will be developed into a resort village with holiday homes.
The transaction was finalised with the payment of the first instalment at €1.5 million of the total €4.1 million.
THPT Comment: Great to see such a heritage building being bought back to use, via astute hoteliers.
First Seen: Greek Travel Pages
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