Dolphin Capital said it has agreed the sale at a €140 million value.

The total area of the property at Kassiopi, Corfu, is 490,000 square meters, in which 438,228.89 sq are being transferred and the investor.

The company has a portfolio of tourist properties, offices, homes and mixed properties.

Five hotel units, with a total capacity of 1,800 beds in Mykonos and Corfu, were bought by Grecotel. The total the investment amounted to 61 million euros, while an additional 43 million euros will be allocated for the upgrade of hotels and villas for sale.

From the total amount of that area, 294.063sqm shall be dedicated to hotel and other tourist facilities.

The company said it planned to fully absorb Touristika Theretra SA by the end of 2018.

Following these acquisitions, the joint venture has almost doubled its portfolio in one year, in nine locations, four of which are located in Greece.

The five hotel businesses are located in the Greek Islands with two in Corfu, two in Zante and one in Crete.

Hard Rock International (HRI), the other candidate in the tender, has a 10-day deadline to object to the decision or to resort to the Council of State.

Hines Group intends to invest another 30 million euros in the renovation and modernisation of these three hot