Arbitrage RE provided technical advice and successfully oversaw on behalf of a major REIC, NBG Pangaea, the 2,5-year refurbishment of a historic hotel in the heart of Patras.
The investment involved the refurbishment of a 4,500m² building at the seafront of Patras, to be operate as a 116-room contemporary hotel. The developer of the project was Dimand S.A., the operator of the hotel is Marriott International, under its new millennial-focused brand Moxy.
Arbitrage RE was appointed by NBG Pangaea to provide related technical advisory and project management services. Its Planning & Development team was actively involved in the monitoring of the design and construction phases. Initially, the team offered pre-acquisition technical due diligence and then, during the reconstruction and refurbishment phase, provided strategic project monitoring services.
The provided services included:
• Technical assessment of the initial situation and planning evaluation of the end use
• Assessment of the project timetable and budget
• Review the adequacy of contracts and reconstruction standards
• Monitor the reconstruction and compliance with specifications
• Hand-over audit
The refurbishment works included structural reinforcement, energy efficiency upgrades and major interior and external renovations. The scope of the offered services included design, budget and contracts review, program monitoring and monthly progress reporting.
