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Ambitious investment plans from Venezuelan tycoon vanish

Τhe group of the expatriate businessman from Venezuela did not make any investments, did not list any of his companies on the Cyprus Stock Exchange, did not sign any agreement with an international hotel chain to manage the large hotel portfolio.

Exactly one year after the first public appearance of the Theodoros Douzoglou group, through the then managing director Lavrenti Albertis, nothing of what has been announced has been completed.

In fact, the group of the expatriate businessman from Venezuela did not make any investments, did not list any of his companies on the Cyprus Stock Exchange, did not sign any agreement with an international hotel chain to manage the large hotel portfolio.

Not even the tax benefit from the inclusion of four investments, amounting to a total of 45 million euros, under the Development Law during the SYRIZA government was received by the businessman.

Last summer, Albertis left the Douzouglou group together with a number of executives he had brought to the company.

In recent weeks, amidst growing talk of a new round of audits from authorities, the businessman and his associates have disappeared.

This means that today, a huge real estate portfolio, worth up to 350 million euros, has been put on ice:

• In 2015, Th. Douzoglou bought the Penteliko hotel, without renovating the project.
• In 2016 he was awarded the HRADF tender for the Leto Hotel in Mykonos with an incredible price of 17 million euros. No investment was made there either.
• Since 2016, the group owns the historic OTE building on Stadiou Street, with a price of 13 million euros, while
• Since 2017, he owns the Mistral Hotel in Kastella, Piraeus, for which he paid almost six million euros.

In the same year he bought a complex of eight villas n Mykonos built by Theodoros and Gianna Angelopoulou as well as another block of land in Elia Mykonos for a price close to 40 million euros. In Elia he had announced an investment for the construction of a tourist complex with 140 villas that also remains on the drawing board.

Exactly one year ago, Albertis said that he was in talks with hotel chains for the management of hotel units and their upgrade. Of course, conditions deteriorated since then as the epidemic hit the tourism industry hard. However, there were also other investment plans which had been announced in December 2019. The plan for the construction of the largest storage space in Greece, as announced by Albertis, in an investment of over 40 million euros in the region of Attica, has gone missing.

The then management stated that in 2020 a "holding company" of the group with the name SCD would be listed on the Cyprus Stock Exchange. Of course, this plan did not go ahead either. On the contrary, there is talk that Theod. Douzoglou has run out of associates. This is the same man who had emerged as a contender for Creta Farms and other investments. At some point, his name was connected to National Insurance, without him being aware of it, according to his associates.

Now many are betting that a part of the huge portfolio of 70 properties he owns will soon hit the market.

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