Project Helios – The Sheraton Rhodes

Azora Capital S.L. appointed Hill International to provide technical due diligence services for a prospective transaction involving the acquisition of the Sheraton Rhodes, a hospitality asset located in the area of Ixia on the island of Rhodes. The asset comprises a five-star hospitality resort and two small plots used as parking space for visitors. The three properties span approximately 85,000 SM, and the resort includes approximately 400 keys.

The scope of the Hill’s services focused on the following:

• Review of the available technical documentation/drawings for the purpose of carrying out a regulatory compliance check for technical matters, including urban planning issues, special protection zones, and arbitrary structures.
• A visual inspection of the asset’s current physical condition, including architectural and structural systems; existing equipment and mechanical, electrical, and plumbing systems; the asset’s maintenance history; and other related elements.
• A preliminary environmental compliance assessment.
• Preliminary capital expenditure estimates that might have been required for immediate works related to repairs and/or replacement of equipment, as well as estimates of preventative maintenance to help ensure the asset would be in good operating condition.
• A BREEAM assessment.

Photo: Marriott.com

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