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Areas of Practice | Real Estate and Construction

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    General:

    The Firm's Real Estate practice includes: 

    • Acquisition and divestiture of major office buildings, residential apartment complexes and shopping centers 
    • Acquisition, divestiture, development and financing of hotel projects
    • Master lease transactions 
    • Sale-leaseback transactions 
    • Syndications 
    • Restructurings of problem loans as well as real estate partnerships and joint ventures
    • Foreclosures 
    • Office and industrial leasing
    • Preparation of right of use agreements 
    • Landing party agreements 
    • Telecommunications leasing and licensing documents 
    • Purchase, resale and servicing of mortgage and equity portfolios 
    • Negotiation and documentation of complex development and construction projects 
       
    Our real estate attorneys work closely with our tax attorneys in providing sophisticated tax advice to domestic and foreign investors who plan to engage in real estate activities. They also cooperate with other attorneys in the firm knowledgeable in securities, banking, labor & employment and litigation.
     
    HOTEL CONSTRUCTION AND FINANCING:
    Avramopoulos & Partners possesses in-depth experience, knowledge and expertise in hotel transactions. We have historically been involved in a large number of hotel transactions, handling the development, acquisition, financing and operation of various hotels in Greece and abroad.
     
    Acquisitions and Sales
    Our experience with acquisitions and sales ranges from relatively simple fee acquisitions to the acquisition and sale of major hotel chains to operate lease transactions, and privatization transactions involving public bidding. In addition to transient hotels, we have been actively involved in the acquisition and development of:
    • Apartment hotels/resorts
    • Suite hotels/resorts 
    • Hotels structured as condominiums
       
    Because of the diversity of our practice, we have the ability to effectively and efficiently handle all aspects of any hotel acquisition or sale, including the negotiation and preparation of all necessary legal documentation and the conducting of all necessary due diligence. Our due diligence reports routinely cover all aspects of a hotel acquisition including title, permits, financial condition, insurance, leasing, management contracts, patents, trademarks, service marks, copyrights, union, labor issues and regulatory concerns.
     
    In addition to handling the acquisition, the Firm's hotel group has the capability to obtain all the necessary licenses needed for the successful ownership and operation of a hotel/resort.
     
    Development Transactions
    • Our attorneys have conducted all aspects of hotel development transactions, including: 
    • Preparing agreements for feasibility studies
    • Reviewing and analyzing the legal aspects of site development
    • Preparing acquisition documents for the site
    • Reviewing and preparing necessary easement agreements, development rights transfer agreements, and restrictive covenants and restrictions
    • Negotiating and documenting the necessary financing arrangements needed for development, as well as all construction-related documents including: 
      • Project development agreements
      • Construction management agreements
      • Architectural agreements
      • Consulting agreements
      • General contractor and subcontractor agreements
    • Negotiating and documenting management agreements, service contracts and employment agreements for new hotels.
       
    Financing
    We have been actively involved in the representation of owners as well as lenders in many hotel-financing transactions.
     
    Joint Ventures
    The Firm offers its services in the negotiation and documentation of hotel joint ventures. We routinely organize joint ventures and partnerships and thus possess up-to-date knowledge and experience in the areas of concern to any joint venture, including:
    • Its place of organization and operation
    • Capital account treatment and the methods used in obtaining additional capital (either equity or debt)
    • Defaulting partners and squeeze downs
    • Profit and loss allocation and distribution rights
    • Management issues including: 
      • Selection and replacement of managing partners
      • Major decisions
      • Treatment of budgets and leasing guidelines
      • Accounting and tax issue
      • Transfer rights and restrictions, including rights of first refusal and rights of first offer
      • Buy-sell mechanisms
      • Admission and withdrawal of partners
      • Duration, termination and wind-up issues
     
    Management Contracts
    The hotel group routinely negotiates and documents management contracts and operating agreements, including technical services agreements. We analyze and document the key elements of hotel management contracts including provisions relating to the: 
    • Term
    • Management fee and its method of calculation, including basic fees and incentive fees as well as other risk compensation methods
    • Financial reporting requirements of the manager
    • Preparation of annual plans including the forecasting of income and expenses and the preparation of budgets for capital expenditures and repairs
    • Mechanics of the budget approval process
    • Necessity and need for owner approvals
    • Termination rights including management buy-out rights
    • Payment of management expenses
    • Transfer of ownership and restrictions thereon
    • Reserves for replacement
    • Indemnifications
    • Technical service agreements 
    • Pre-opening management services
       
    Construction
    Avramopoulos & Partners has been actively involved in negotiating and documenting construction and renovation projects. We have developed sophisticated construction management agreements, project development agreements, architect's agreements, supply agreements, consulting agreements, bidding documents and construction contracts which are tailored to meet the needs of owners who are undertaking the renovation of major hotels.

  • If you need help with a legal or business issue, please contact our team:

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    Team:

    Vassilis D. Avramopoulos
    Vassilis D. Avramopoulos Senior Partner
    v.avramopoulos@avralaw.gr
    Alkis Economou
    Alkis Economou Senior Partner
    Alkis Economou & Associates
    a.economou@avralaw.gr
    Yanna N. Antonopoulou
    Yanna N. Antonopoulou Partner
    antonopoulou@avralaw.gr
    Athanassios A. Avgeros
    Athanassios A. Avgeros Partner
    t.avgeros@avralaw.gr
    Vicky E. Kolintza
    Vicky E. Kolintza Partner
    vkolintza@avralaw.gr
    Dimitris Angelakis
    Dimitris Angelakis Junior Partner
    Alkis Economou and Associates
    a.economou@avralaw.gr
    Iraklis Barogiannis
    Iraklis Barogiannis Associate
    Alkis Economou and Associates
    a.economou@avralaw.gr
    Tina Kamilaki
    Tina Kamilaki Senior Associate
    Alkis Economou and Associates
    a.economou@avralaw.gr
    Niki Economou
    Niki Economou Associate
    Alkis Economou and Associates
    a.economou@avralaw.gr
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    Recommendations by Law Directories:

    The ‘pragmatic’ department at Avramopoulos & Partners ‘delivers fantastic results’. It acts for Island Skiathos Properties in a range of structural and operational matters in Greece. Bavilla Trading and Diamond Resorts International are also clients. Vassilis Avramopoulos is ‘tactically excellent’ and has ‘up-to-date knowledge’ of the sector. (European Legal 500, 2017 ed.).

    Key clients of Avramopoulos & Partners include Diamond Resorts International and RCI (Resort Condominiums International). Among its team of “efficient legal experts”, Vassilis Avramopoulos is “a strategic thinker” noted for his “tactical excellence and an innovative approach”, and Yanna Antonopoulou is “experienced”. (European Legal 500, 2016 ed.).

    Vassilis Avramopoulos’ team at Avramopoulos & Partners Law Firm provides “an excellent legal service”. Highlights included advising Oakes Capital on the purchase of hotels and resorts in the Greek islands of Mykonos and Santorini. Yanna Antonopoulou is “a trusted and valued business partner” for real estate and tourism matters. (European Legal 500, 2015 ed.).

    Avramopoulos & Partners Law Firm stands out for ‘the quality of service in especially complicated legal matters’, and for its ‘grasp of the burning issues’, particularly in the tourism sector. The ‘very professional, knowledgeable and well-connected’ Vassilis Avramopoulos heads the team, which acts for a mix of developers, construction companies, investors and retailers, including Diamond Resorts, Hill International and Tie Rack. (European Legal 500, 2014 ed.).

    Avramopoulos & Partners Law Firm has an excellent reputation for property acquisitions and developments. It recently advised Hill International on acquiring the land of the old Athens Airport from the state, and assisted Aegean Blue with the acquisition of hotels and resorts in Rhodes and Crete. Vassilis Avramopoulos heads the practice (European Legal 500, 2013 ed.).

    Avramopoulos & Partners Law Firm’s versatile real estate practice is especially experienced in the hotels sector, where it recently advised a South Korean fund on the acquisition of a chain of Greek resorts. On the construction side, it is advising Omete, a leading design engineering company, on several major infrastructure projects, including the Thessaloniki Metro. Vassilis Avramopoulos heads the team. (European Legal 500, 2012 ed.)

    Avramopoulos & Partners Law Firm maintained a strong workflow from its traditional hotel and leisure sector clients. Rasmi Sotiropoulou acted for M. Mamidakis Group on drafting a long lease for a hotel in Heraklion. (European Legal 500, 2011 ed.)

    Avramopoulos & Partners Law Firm’s high-quality advice ‘assists clients in taking informed decisions’. The firm’s strong focus on the hotel and leisure sector has led to it acting for RCI Greece and North Course on a number of developments. Name partner Vassilis Avramopoulos is advising on a major residential, shopping and marina project on Rhodes. (European Legal 500, 2010 ed.)

    Avramopoulos & Partners Law Firm has a particular focus on hotel construction, development and financing matters both locally and abroad, and also advises private equity firm Dolphin Capital Partners on its investments in Greece. (European Legal 500, 2009 ed.)

    Avramopoulos & Partners Law Firm continues to advise a consortium on the development and construction of a marina, shopping center and residential area in Rhodes. (European Legal 500, 2009 ed.)

    Avramopoulos & Partners Law Firm advises private equity company Dolphin Capital Partners on extensive real estate investments and development issues. (European Legal 500, 2008 ed.)

    Avramopoulos & Partners Law Firm has been advising Rodon Anaptyxiaki, Casino Rodou, Emporiki Bank and Marines Rodou on issues related to the project/concession agreement for the development, construction and exploitation of a marina, shopping centre and residential area in Rhodes. (European Legal 500, 2008 ed.)

    Avramopoulos & Partners Law Firm acts for a significant number of construction companies and for the largest Greek hotel and development company. It also regularly advises RCI and North Court, both subsidiaries of New York-listed Cedant Corp, on real estate developments in Greece. (European Legal 500, 2007 ed.)

    Avramopoulos & Partners Law Firm is led by managing partner Vassilis Avramopoulos. The firm represented Greek hotel management group, Grecotel in its purchase of the parent company of the Sheraton Hotel, in Sophia. Recommended for entertainment law, the firm advised Universal Studios on contractual and location issues in the filming of the Bourne Identity in Mykonos. (European Legal 500, 2003 ed.)

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    Examples of work

    • Acted as the legal advisor of a European group of companies for the sale of all of its issued and outstanding shares to a US company which is a global leader in the hospitality and vacation ownership industry.
       
    • Provision of legal advice and services to the contractor of the project (joint venture of five companies: four Italian and one Greek) for the design, construction and commissioning of the Thessaloniki metro. These services included: negotiations with the Greek legal counsels of the state, drafting of new legislation on mediation procedures, drafting of a complaint before the EU authorities, etc. The project comprises of an underground line of two tracks of 9.6 kilometers in length, thirteen stations, the depot, etc. It also includes the procurement of 18 trains and the commissioning of all systems, including training of the operational personnel.
       
    • Provision of legal advice to a N.Y.S.E. company in relation to a consultancy contract awarded to this company for the privatization and development of the land of the old Athens Airport issued by the Greek State.
       
    • Provision of legal advice and services to a joint venture on legal issues related to the Project/Concession Agreement for the Development, Construction and Exploitation of a Marina, a Shopping Center and a Residential Area in the Island of Rhodes, Greece.
       
    • Legal advice to a consortium of leading Greek companies for their participation in the tender for the awarding of the Concession Agreement for the construction, financing, operation and exploitation of a major Trade and Transportation Center in Thriassio Pedio (Athens).
       
    • Provision of legal services and advice to a Spanish listed company in relation to the existing disputes deriving from a Contract for the Project Management, Engineering, Procurement and Construction Management of a Refinery Upgrading Project.
       
    • Provision of ongoing legal advice, court representation (Court of Appeals) and legal opinions to a UK and world class infrastructure company in relation to the litigation proceedings issued against the public company ERGOSE S.A. in connection with the project entitled “Electrification of the Piraeus – Athens – Thessaloniki TX1 Railway Line” and the tender for the project “Construction of Electrification for the new railway along the SKA-KIATO section.”
       
    • Provision of legal advice and services to the Developer of a luxury resort and spa in Milos Island for the development and operation of Residential Villas (Condo Hotel and Fractionals).
       
    • Provision of legal services to a Greek Group of Companies for the Long Lease and Exploitation of a Hotel. Negotiations and drafting of the relevant Lease and Exploitation Agreement of a Hotel in Heraklion, Crete, Greece.
       
    • Legal advice, drafting of documentation, negotiations with the shareholders for the Development, Construction and Management of a Hotel Complex in Bodrum, Turkey.
       
    • Legal Advice to N. Daskalantonakis Group of Companies, drafting of documentations, shareholders Agreement, security agreements, etc. for the Development, Construction and Management of a Hotel in Budapest, Hungary.
       
    • Preparation of a legal Due Diligence Report for the potential purchaser of the company which owns and operates one of the most well-known hotels in Athens.
       
    • Provision of legal advice and preparation of Due Diligence Legal Reports for the purchase or long lease by a European Group of Companies including certain hotels and resorts located in the islands of Rhodes and Crete, Greece.
       
    • Provision of legal advice and services to a UK based private equity firm for the negotiations and execution of the relevant draft agreements with a global chain of premium 5 star luxury hotels, in relation with a high-end hotel and residential development in Greece.
       
    • Preparation and delivery to the Greek Ministry of Touristic Development of a report regarding the new hotel resorts and leisure real estate developments in the world (in cooperation with professors of the Universities of Athens and Thessaly).; Also was involved in making the required modifications needed for the national legislation.
       
    • Provision of legal advice and services to a UK based private equity fund, on a Hotel Project to be constructed in accordance with the Greek construction and hotel legislation, and a Residential Project, to be constructed in accordance with the Greek private town planning legislation, known as “PERPO”.
       
    • Provision of legal advice and services to a Greek based private equity fund, regarding the construction of a Hotel and Residential Resort in Corfu.
       
    • Provision of legal advice and services to a Cypriot Hotelier for the conversion of their Resort Development in a Condo Resort.
       
    • Due diligence, negotiations, contract drafting and execution of documentation for the purchase of various hotels and resorts in Greece, such as the Cape Sounion Resort (Attica, Greece), Eva Palace (Corfu, Greece), Plaza Beach Hotel (Crete, Greece), etc.

    SPEECHES:
    Our Senior Partner Vassilis D. Avramopoulos was invited and addressed speeches in the following, amongst others, International Conferences, Symposiums and Events:
    • 3rd Annual European Leisure Real Estate Symposium “Imagination, Innovation, Implementation”, held in Athens, Greece, on October 23-24, 2006.
      Subject of the speech: “The Legal and Operational Frameworks in Shared Ownership”.
       
    • The 1st International Conference on the “Touristic Residence in Greece: Opportunities for Touristic Development and Investments,” held in Athens, Greece, on May 16, 2007.
      Subject of the speech: “The new products of Residential Tourism and the existing legislation in Greece.”
       
    • Conference on the “Leisure Real Estate,” held at Heraklion, Crete on September 29, 2007.
      Subject of the speech: “The new products of Residential Tourism and the existing legislation.”
       
    • 2nd International RED Symposium “Investing in Destinations” held in Athens (Hilton Hotel) on October 3 & 4, 2007.
      Subject of the speech: “Legislative Provisions on the Residential Tourism Products.”
       
    • The 1st International Conference on the “Tourism & Property in Crete,” held in Crete on December 7, 2007.
      Subject of the speech: “Legislative Framework Problems and Solutions, Freehold –vs- Leasehold.”
       
    • The 3rd International RED Symposium “Investment Opportunities in Greece,” held in Athens (Hotel Grand Bretagne), on September 29 & 30, 2008.
      Subject of the speech: “Resort Development & Positioning.”
       
    • The 4th International Conference on the “Sustainable Opportunities in Real Estate and Tourism,” held in Athens (Hotel Grand Bretagne), on September 29 & 30, 2009.
      Moderator of the Group Discussion for the “Competitiveness of Greek Tourism Industry.”
       
    • The 6th Business Forum on “The Shape of Things to Come,” held in Athens (Hotel Grand Bretagne), on December 13 & 14, 2011.
      Subject of the speech: “City Branding.”

Honors and Awards for: Real Estate and Construction

Τhe Legal 500 2015
The Legal 500 2014
The Legal 500 2013
The Legal 500 2012