Strategic Internet Investments, Inc. agreed to purchase 50% of the Renaissance Izmir Hotel in Izmir, a Marriott Hotel, this week as it deepens its commercial real estate portfolio, businesswire.com reports.
According to the leading financial website, the Renaissance Izmir Hotel purchase represents a landmark deal for SIII as it continues to build brand recognition. This prestigious hotel is also generating revenue. For the Renaissance Hotel purchase, SIII issued debentures equal to approximately $44 million, with an appraised value of $55 million as of August 2016. SIII expects to close the purchase in the next few weeks.
The Renaissance Izmir Hotel is a 5-star luxurious getaway in the Anatolian region of Turkey, along the Aegean coast. It boasts 110 rooms and suites, marble bathrooms with kurna bathing basins, rounded out by an on-site spa and rooftop offering sweeping views of Izmir Bay.
SIII continues to execute its corporate strategy through a series of acquisitions to create a portfolio of lucrative properties throughout Europe and the Middle East.
About Strategic Internet Investments, Inc.
SIII is a development stage company focused on real estate development and is pursuing various acquisitions as it expands its commercial real estate portfolio.
Through identifying opportunities in real estate development projects in high growth areas of Europe and the Middle East, SIII plans to build a real estate portfolio similar to industry leaders Marriott International, Inc. (NYSE: MAR), Jones Lang LaSalle, Inc. (NYSE:JLL), CBRE Group, Inc. (NYSE:CBG) and Colliers International (NASDAQ:CIGI).
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