Resort Property

Resort Property - with a two year 8% rental guarantee

"Properties at the Halcyon Hills resort come with a two year 8% rental guarantee. This is a true rental guarantee based on a subsidy provided by the Greek Government as an incentive to establish 5 star tourism on the island."

Rentals
All properties within the Halcyon Hills Hotel Resort can enter into the rental scheme which guarantees an 8% rental return in the first two years of operation, whilst allowing the owner 14 days free usage. All holiday resorts around the world experience a quiet first year whilst their customer base and reputation is being established. Usually the property investor has to accept that for the first year they will achieve little or no rental whilst this reputation is being created. In some resorts, this can obviously cause a problem if the property is purchased with finance.

Halcyon Hills offers it’s rental guarantee from the first day that the resort opens to ensure that clients are not left with a cash-flow problem whilst the resort is establishing itself. Some rental guarantees are created simply by inflating the prices of the property, but this is not so with Halcyon Hills. This is a true rental guarantee based on a subsidy provided by the Greek Government as an incentive to establish 5 star tourism on the island. After the rental guarantee period, you will benefit from a 50/50 split of all rentals acheived by the hotel operator who will be managing the resort. The hotel operator is due to be announced imminently.

With the two year 8% rental guarantee you will benefit from positive cash flow from the moment the resort opens, coupled with the peace of mind of the buy-back guarantee.

Comparables
At present, there is only one true, five star hotel on the island, which rests between the airport and the marina resort of Pythagorio, the Doryssa Bay Resort. The resort currently has a small Spa (with only three treatment rooms) and is directly under the local airport’s flightpath, being only 0.5km from the end of the airstrip. Other than The Doryssa Bay Resort, there are a collection of three and four star hotels throughout the island. Christie and Co. have undertaken a full feasibility study into five star tourism on the island and its future potential, which confirms the need for further five star accommodation.

Comparable five star resorts on other Greek islands are Aphrodite Hills in Cyprus and The Elounda Diamond Residences in Crete. Aphrodite Hills is an established hotel resort with a Spa and Golf course, however the resort is a 10 minute drive from the beach. Below we have included a table comparing similar properties in each resort. The Elounda Diamond resort is a more accurate comparison as it is also a Spa resort that is front line to the beach. Prices on this resort start from €13,498 per m2 with no rental guarantee.