Grivalia Properties : Acquisition of “Meli Palace” hotel in Crete 08.05.2018

Grivalia Properties REIC

117, Kifisias Avenue & Agiou Konstadinou Street 151 24, Maroussi Athens-Greece

Tel: [phone] Fax:[phone]

VAT n. GR094048855 General

Comm.Registry 000239101000 Reg. act 11/352/21.9.2005

Maroussi, May 8th, 2018

Press Release

Acquisition of "Meli Palace" hotel in Crete

GRIVALIA PROPERTIES REIC announces to the investors that its hospitality platform Grivalia Hospitality S.A. (25% ownership) acquired today the "Meli Palace" hotel in Crete.

More specifically, Grivalia Hospitality S.A. acquired, through a 100% subsidiary, the shares of the company HELLENIC PALACE S.A., which holds the hotel located on the beachfront of Malia, Crete. The luxury beachfront hotel comprises 158 rooms in circa 104,000 sqm of land and is leased to a prominent operator.

The pricing paid upon signing of the share-purchase agreement for the acquisition of the shares of the company net of all liabilities and other assets, is €9,000,000. There is also an additional deferred payment of €2,000,000, payable until 2022 in tranches, as well as an additional payment of €2,000,000 subject to the fulfillment of specific conditions.

The said property is the first operating asset to be added to the investment portfolio of Grivalia Hospitality. Grivalia Hospitality is further evaluating other investments in the hospitality sector as part of its vision to create long-term value for its shareholders, its people and the local communities.