Arbitrage has been assigned to provide project management and technical advisory services for conversion refurbishment of an existing 4* hotel complex in Moraitika, Corfu, to a 5* hotel with an overall renovation budget (incl. furniture) of c. €15 million euros. This new hotel unit will be added to the existing 5* star adults-only resort.
Acting as a representative of the Owner, Arbitrage will be finalizing, in conjunction with the current Hotel Operator, the project budget and master schedule, bidding documents, architectural study, environmental and engineering design. The Planning & Development team will be managing a set of consultants and contractors. The team will be monitoring all required milestones and progress achieved, with monthly updates to the Owner and its representatives via flash reports. The team will be keeping a log of project scope changes, identifying potential impacts on capital cost and project schedule. The team’ s role also includes documentation and recommendations on risk registry and mitigation actions as well as close out activities and punch list audit.
Arbitrage will ensure that all renovation project team members - such as planners, designers, suppliers and main contractors – comply with project invoicing requirements and that all terms and conditions with third party service providers are appropriate for the local market.
To the extent that a Greek financial institution provides lending in connection with the project, Arbitrage will liaise with the lender to provide any information required to certify development progress for funding purposes in accordance with any subsidy requirements.