The historic hotel Makedonia Palace in Thessaloniki, northern Greece, will be under the management of the company LLC Atlantis Pac (Ivan Savvidis) and Aldemar (N. Aggelopoulos) for forty years. Ivan Savvidis is the owner of PAOK FC.
After the opening of the financial bids, IKA-ETAM, which owns the hotel, announced that the company LLC Atlantis Pak was declared a successful bidder offering annual rent of 1,722,000 million euros.
The contract has a lease period of 30 years, while a right to extend the lease period for ten more years is provided, given that both parts will agree to do so. The contract also provides upgrading the property.
With signing the rental contract at IKA-ETAM, the lessee must submit a letter of guarantee οf proper execution of the contract terms, and a letter of guarantee concerning the implementation of the investment program of a duration of 30 months and € 1.5 million.