Edison Investment Research forecasts that revenue from the three hotels owned by AKTI Hotels & Resorts in Rhodes and Kos, in which Premia Properties is investing through its subsidiary HotelInvest, will approach €60 million and operating profit will reach almost €18 million by 2030.
According to Edison Investment Research’s new report, titled “From portfolio growth to earnings delivery”, investment in the hotel sector is expected to be a key driver of growth in Premia’s financial results in the coming years (pictured: major shareholder Ilias Georgiadis).
The analysis examines the listed company’s investment portfolio, growth prospects and expected profitability, including specific forecasts for the financial performance of the three AKTI hotels through 2030.
The financial analysis also reflects a shift in Premia’s business model, as it moves beyond leasing tourism properties to take a direct share in the financial performance of hotel businesses.
The forecasts
Edison estimates that revenue from the operation of the three hotels will reach €44.4 million in 2027 and rise gradually to €59.4 million by 2030. This assumes the transaction will be completed by the end of 2026, allowing the hotels to make a full-year contribution to Premia’s financial results.
The analysis’s base case assumes the company will acquire 100% of the hotels and finance the investment with debt, although the transaction’s final ownership and financing structure has yet to be determined.
EBITDA is forecast to rise from €13.3 million in 2027 to €17.8 million in 2030, based on an assumed operating margin of 30%.
To draw up its forecasts, Edison considered published room rates, adjusting them downwards by more than 40% to reflect the lower rates charged for package holidays and under wholesale agreements.
Its estimates also factor in a gradual improvement in occupancy and revenue following the renovations. The forecast EBITDA margin of 30% is based on comparisons with other hotel businesses and includes management fees for the properties.
Based on total investment costs of €260 million, Edison calculates that the EBITDA yield will reach 6.8% in 2030.
The investment in Rhodes and Kos
The agreement between Premia and AKTI Hotels & Resorts, announced last June, covers the Akti Imperial in Rhodes and the Akti Beach Club and Akti Palace in Kos.
The three properties have a total of 1,316 rooms, with buildings covering around 85,000 sq m on 300 stremmata of land. These seaside hotels have been operating in the tourism market for more than 20 years and are set to be modernised and repositioned commercially.
According to Premia’s official announcement, the total investment is expected to exceed €250 million. Edison uses €260 million in its base case, comprising €235 million in acquisition costs, including an advance payment of around €15 million, and €25 million in subsequent capital expenditure.
The analysis puts completion of the transaction by the end of 2026 and estimates that the hotel renovation and repositioning programme will be completed by 2029.
A change in the model
The investment in AKTI differs from Premia’s previous hotel investments, as the company is gaining direct exposure to the properties’ operating results.
To date, Premia has built its presence in the hotel sector mainly by acquiring hotel properties and leasing them on a long-term basis, with Scandinavian group Nordic Leisure Travel Group (NLTG) as its main partner.
In the case of AKTI, the investment is being made through HotelInvest, giving Premia a direct stake in the financial performance of the hotel business. Day-to-day management of the properties is expected to remain with the AKTI group.
The new model offers greater scope to benefit from growth in revenue and operating profit, but also entails greater exposure to the risks associated with tourism demand, seasonality, room rates and operating costs.
The hotel portfolio
Once the agreement is completed, and provided Premia acquires 100% of the AKTI hotels, the value of its hotel portfolio is expected to exceed €500 million, up from around €250 million at the end of the first half of 2026.
In this scenario, Edison says, hotels will account for more than half of the total value of the company’s property portfolio, making tourism its largest investment pillar.
At the end of the first half of 2026, Premia’s total investments stood at €755 million, while the gross asset value (GAV) of its investment portfolio was €705 million.
The existing portfolio of leased hotel properties comprises five resorts, three of which are operating and two undergoing renovation, with the aim of opening them in May 2027.
Premia’s forecasts
In addition to its hotel investments, Edison forecasts that Premia’s total revenue will rise from €43.6 million in 2026 to €93.9 million in 2027, while adjusted EBITDA will increase from €30.1 million to €48.4 million, respectively. For 2026-2030, it estimates average annual EBITDA growth of 20% and a doubling of the dividend per share to €0.12.
Premia’s net loan-to-value ratio (LTV) stood at 62% in the first half of 2026, and Edison forecasts that it will rise to around 68% following the transaction involving the three hotels.
Premia trades at around 0.6 times its net asset value (NAV), compared with 0.7 times for selected comparable Greek property companies. Edison does not specify a price target for the shares, but estimates that the gap between the company’s market valuation and its net asset value could narrow if the listed company successfully delivers its investment programme.