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:

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Recommendations by Law Directories:

Avramopoulos & Partners provides a ‘top-notch service’. The firm is singled out for its ‘vast knowledge of the tourist real estate sector’. Practice head Vassilis Avramopoulos is praised for his ‘strategic thinking and innovative approach’. The firm has good experience advising foreigners acquiring properties in Greece to qualify for a Golden Visa. (European Legal 500, 2018 ed.).

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

• Legal advice and services to Karma Group for the acquisition of a hotel company in Aghios Nicolaos, Crete, Greece. Negotiations, due diligence, drafting of purchase documentation and closing of the transaction.

 

• For the last 20 years, the Law Firm has been advising RCI (Resort Condominiums International), member of the Wyndham Exchange and Rentals Group, a division of Wyndham Worldwide. The company is the industry leader and the world’s largest provider of vacation ownership products. Our involvement consists of covering the whole range of company legal work, providing legal advice for the affiliation of Greek Resorts under timeshare status, as well as advising clients of RCI on various land and leisure real estate developments.

 

• Provision of legal advice and services to Aegean Blue Holdings Ltd. and Aegean Blue Resorts Plc., being leading holiday ownership companies in Europe with more than 10.000 Northern European families as members, on all their structural, contractual, tax development and operational legal issues.

 

• Provision of legal advice and services to Emporiki Bank, Rodon Anaptyxiaki, Casino Rodou and Marines Rodou, on legal issues related to the Project/Concession Agreement for the Development, Construction and Exploitation of a Marina, a Shopping Center and a Second Home Residential Area in the city of Rhodes, Greece.

 

• During 2007, the Firm together with Dimitris G. Economou, Professor at the University of Thessaly, Department of Planning and Regional Development and Georgia P. Giannakourou, Ass. Professor of Planning at the University of Athens, prepared and delivered to the Greek Ministry of Touristic Development a Report regarding the new Hotel Resorts and Leisure Real Estate developments in the world and the required modifications needed to be made to the national legislation. 

 

• Provision of legal advice and services to the UK-based private equity fund Dolphin Capital Partners, on the negotiations and execution of the relevant draft agreements with Oberoi Hotels and Resorts Group, in relation to a high-end hotel and second home residential development in Greece, as well as for the legal documentation required under Greek law, for the branding of a condominium or villa for sale as “Oberoi Residencies”.

 

• Provision of legal advice and services to the UK-based private equity fund Dolphin Capital Partners, on a Hotel Project named “Sitia Bay Golf Resort” to be constructed in accordance with Greek construction and hotel legislation, and a Residential Project, to be constructed in accordance with the Greek private town planning legislation, known as “PERPO”.

 

• During 2006, the Firm, at the request of TEMES SA, prepared a report regarding “Costa Navarino Hotel Development”, regarding the possibility under Greek law to dispose part of the units as a Second Home Residential Development.

 

• Provision of legal advice and services to Interval International, a US company pioneer in serving the vacation ownership market for 35 years,which provides membership programs for vacationers and leisure services to the vacation industry.

 

• Provision of legal advice and services to the UK company Urban Exposure Ltd on negotiations and execution of the relevant agreements in relation with the development and management of a Second Home Residential Development in Crete.

 

• During 2007, the Firm has advised KRATIS SA, a Greek based private equity fund, regarding the construction of a Hotel and Residential Resort in Corfu.

 

• The Firm provides legal advice and services to Sbokos Group of Companies, for two of its Resorts, “The Village heights Golf Resort” and “The Village Holiday Club” which operate under timeshare status in Hersonissos, Crete.

 

• Provision of legal advice to Sbokos Group of Companies regarding the creation of a Second Home Residential Project in the area of Plaka, Elounda, Crete.

 

• The Firm provides legal advice and services to AXEKA SA, in relation to its Resort, “Sun Beach” which operates under timeshare status in Rhodes.

 

• The Firm provides legal advice and services to N. Daskalantonakis Group of Companies, for two of its Resorts, “Leoniki Residence” and “Grand Leoniki” which operate under timeshare status in Rethymnon, Crete.

 

• Provision of legal advice and services to Lion Resorts Vacation Club (Cyprus) for the conversion of their Resort Development in a Condo Resort.

 

• Provision of legal advice and services to Paphian Bay Resort, a 5 star Resort in Cyprus, owned by Constantinou Bros for the conversion of their Resort Development in a Condo Resort.

 

• Provision of legal advice and services to the shareholders of the development of a luxury resort and spa in Milos island (A. Metaxas family and Six Senses) for the development and operation of Residential Villas (Condo Hotel and Fractionals).

 

• Provision of legal services to M. Mamidakis 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.

 

• Provision of legal services to M. Mamidakis Group of Companies for the Sale of Shares of the Hotel Company “Minos Palace S.A.”. Negotiations and drafting of contracts.

 

• Legal advice to N. Daskalantonakis Group of Companies, 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.

 

• Provision of legal services to Charm More Hotels and Resorts and to Premier Resorts Limited regarding the development of vacation ownership projects.

 

• Provision of legal services to Rock Investment Holdings PLC regarding the acquisition and land development on a major plot of land in Northern Greece.

 

• Provision of legal services to the private equity firm NovaTerra Properties on their real estate investments and development.

 

• Advisory services to Plastika Kritis S.A. and their advisors Humberts Leisure on a real estate development on the Island of Crete.

 

• Advisory services to Attica Bank and Attica Ventures on various real estate projects and developments.

 

• Provision of legal services and advice to N. Daskaladonakis Group for the negotiations and execution of the relevant contracts in relation to a condominium land development and construction in the island of Mykonos, Greece.