Indicative projects

A. Hotels

A1. Astir hotels

Valuation

Astir Hotels belongs to the National Bank of Greece. Our firm was commissioned by the bank to carry out the commercial valuation of all of the Astir Hotels as part of its strategy to either sell them or long-lease them. Astir Hotels used to be the biggest group of hotels in Greece comprising of 10 first-class and deluxe hotels, as listed below:

Further to the valuation of above hotels conducted by our firm, the National Bank of Greece proceeded with the sale of three of these hotels (ASTIR Athens, ASTIR Crete and ASTIR Corfu) and leasing of Astir Hotel in Rhodes.

A2. Olympia resorts

Feasibility study

Our firm was commissioned to prepare a detailed feasibility study for a tourist seaside complex near ancient Olympia on a unique piece of land covering an area of 309,000 M2 at the mouth of the Alfios river. The complex would comprise of a 300-bed hotel, 200 bungalows of varying sizes as well as a modern Conference centre and various sport facilities. A special computer model was prepared for detailed profitability and cash-flow projections, taking into account Greek taxation and other particular parameters.

A3. Sunwing hotels (SAS airlines)

Review of construction cost

Our firm has been the auditor of the three hotels and one block of hotel apartments that belong to Sunwing Hotels, a subsidiary of Vingressor. Vingressor is a subsidiary of SAS Airlines. In addition to audit services, we rendered certain consulting services to Sunwing. One of these involved the detailed review of the construction cost and procedures followed for the construction of "Hotel 33" in Rhodes.

A4. Hotel & golf course near Lanarca (Cyprus)

Feasibility study

Our firm, together with Greene Belfield-Smith of the UK, prepared a feasibility study for the establishment of a hotel complex and a 18-hole golf course on a large plot of land near the airport of Larnaca in Cyprus. The study involved an analysis of tourism in Cyprus and the expected demand for the golf and other facilities of the hotel. It also involved the preparation of a master plan design.

A5. Kardamena Kos

Financial projections & market study

Our firm was appointed by a Greek Australian Consortium to prepare financial projections for a proposed hotel complex on the island of Kos. In addition to this study, our firm carried out a detailed review of the tourist market on the island of Kos in order to assess its present state and future potential. We also investigated the possibility of receiving grants and subsidies from the Greek government and the EU for this project.

A6. Luxury hotel in Athens

Pre-feasibility study

We completed a pre-feasibility study concerning the establishment of a luxury hotel in northern Athens. As part of this assignment we carried out desk research on Greek tourism market and Athens hotel market, estimated the expected impact of the 2004 Olympic Games and evaluated competition in the wider area of Northern Athens. Moreover we held informal interviews / discussions with key hotel and tourism personalities in Athens and investigated planned new developments in the area. In order to estimate the return to investors from this project we developed a financial model to test the potential viability of the proposed new hotel on the basis of assumptions made regarding construction costs and expected revenues and operational costs. Finally we carried out sensitivity analysis and reached provisional conclusions on the proposed investment.

Α7. DEVELOPMENT OF A PLOT OF LAND (NALICO S.A.)
Pre-feasibility study

We carried out a pre-feasibility study for the tourist development of a large site in Chalkidiki, along with the U.K. office. The project included an analysis of the tourist market and the competition in the region, the examination of the accessibility options for the site from Greece and abroad, a full scale analysis of the relevant building regulations and the examination of the possibilities regarding state or E.U. financing while other tourist destinations in Europe were used as benchmarks.

B. CASINO

B1. ITT Sheraton - Conrad Hilton

Feasibility study

Our firm assisted the Greene Belfield-Smith Division of Touche Ross in London in the preparation of two feasibility studies for the establishment of new casinos in Central Athens, the Astir complex in Vouliagmeni and in Hersonisos, Crete. Our work focused on desk and field market research on the Greek tourist industry and gaming volume and patterns. These studies were submitted to the Greek Ministry of National Economy and our clients, Conrad-Hilton Hotels and ITT Sheraton Corporation, were among the finalists for obtaining these licences, until the competition was cancelled by the new government that took office at that time.

B2. ITT Sheraton

Environmental, tourist & economic, impact study in Athens & Crete

Our firm together with the Greene Belfield-Smith Division of Touche Ross in London were appointed by ITT Sheraton to prepare an environmental, tourist and economic impact study for Athens and Crete, in the light of the establishment of new casinos in these areas. Our contribution to the project was concentrated on three areas. The first involved the collection, analysis and processing of traffic flow data and information on road infrastructure improvements, parking facilities and public transport services, particularly in the Hilton area in Athens and in the village of Hersonisos in Crete. The second consisted of a briefing of the findings of our research on visitor spending patterns in Greece and the third involved the application of a special econometric model, called LINK to estimate the income multiplier effect as well as the employment multiplier effect of the establishment of new casinos on local communities in Athens and Crete.

B3. ANCHOR GAMING

Market research

Anchor Gaming, a Las Vegas casino operator and slot machine specialist, appointed our firm to assist them in the preparation of a market research study for the establishment of a new hotel-casino complex in the area of Thessaloniki in Northern Greece. Our work involved the presentation and analysis of the political structure and economic profile of Greece, with particular emphasis on the economy and industrial development in Northern Greece and Thessaloniki. In addition, we conducted a detailed field and desk market research regarding the tourist industry in the said area. We also carried out an in-depth market analysis of the Greek gaming industry and compared it with other gaming markets in Europe.

This study aimed at assisting Anchor Gaming in deciding whether it would be worthy to submit a bid for the new casino licence in Thessaloniki.

B.4 CONSORTIUM ATHENS CASINO

Feasibility study

The Consortium Athens Casino consisted of four Greek construction companies and the South-African Sun International Group, an experienced hotel and casino operator. We put together the financial bid for this Consortium and made the necessary presentations to the casino committee leading to the granting of the license to our client. We proceeded to render other consulting services and we were also appointed auditors to the company established to run the operation under the name "Casino Athens SA".

B.5 THEROS GAMING

Pre-feasibility study

Two American companies (one of which is a riverboat casino operator in the USA) and certain Greek parties formed a joint venture, Theros Gaming, to participate in the first call for tenders for the casino licences in Rhodes and Thessaloniki.

We were appointed to prepare pre-feasibility studies for the two casino operations. Our work involved market research studies on tourism in the two locations and the preparation of financial projections to investigate the viability of the two proposed investments.

B.6 CLUB HOTEL LOUTRAKI

Financial consultants, auditors

Club Hotel Loutraki is a company owned by Israeli investors who together with the Municipality of Loutraki formed a joint venture and secured the casino license for Loutraki. Our firm acted as financial advisors to Club Hotel Loutraki in raising the necessary finance for the investment and continued to render audit, tax and consulting services.

B.7 POWERBROOK PLC

Feasibility study

Powerbrook PLC is a Consortium based in London, which owns Club Hotel Loutraki mentioned above. Powerbrook PLC was interested also in the casino license on the island of Rhodes and we have prepared on their behalf the submission in the second round for this license. Further to the casino, this license involved also the renovation of the existing "Rhodon Hotel".