Initial Agreement with Hotel Operator

Minoan Group PLC

01 August 2023

 

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

1 August 2023                                      

Minoan Group Plc
("Minoan" or the "Company")

Initial Agreement with Hotel Operator

Minoan Group Plc, the creator, developer and manager of environmentally friendly luxury hotels and resorts in Crete, is very pleased to announce that it has agreed to collaborate with a major international luxury hotel group (the "Hotel Group"), in relation to one or more of the hotels in Minoan's Itanos Gaia Project in Crete (the "Project"). The collaboration proposal as agreed and accepted by Minoan, sets out the outline key financial and other terms (the "Terms") for the Hotel Group to become the operator and/or manager of one or more of the hotels. The Terms also include those for the Residences which will be operated alongside the relevant hotel.

Minoan, through the team within its wholly owned subsidiary Loyalward Limited, together with the team at the Hotel Group will now commence the more detailed work necessary in relation to design, specification, and management plans needed in order to combine the requirements of the Hotel Group and Minoan's vision for the Project.

Further and more detailed information will be provided over the coming months.

Christopher Egleton, Chairman of Minoan, said:

"We are delighted that we have agreed with a major international luxury hotel group to collaborate in the Project as now envisioned and look forward to a long and mutually beneficial relationship.

This is the first major collaboration on the revised Project and it represents a significant level of confidence in the Project and in Greece which matches our own."

For further information visit www.minoangroup.com or contact:

Minoan Group Plc

Christopher Egleton                                           [e-mail]

George Mergos                                                 [e-mail]

W H Ireland Limited                                           020 7220 1666
Antonio Bossi                                       

Peterhouse Capital Limited                                020 7469 0930

Duncan Vasey                                                  

 

END