Major auctions have been scheduled for the Galini Sea View hotel complex in Chania and the large unit of Kapniki Michailidis in Oreokastro, Thessaloniki. Additionally, another auction has been set against members of the Agoudimos family.

The Galini Sea View

Following an unsuccessful auction on Wednesday, March 12, the Galini Sea View hotel has been relisted on the electronic auction platform for April 9, with the starting bid reduced by 20% to €11.2 million from the previous €14 million—unless a suspension is filed.

The auction is directed against the company “O Marakas Hotel & Tourism Enterprises,” with “Mega GR Group S.A.” as the foreclosing entity.

The initial auction was scheduled for November 20, 2024, but was suspended by the Chania Court of First Instance for four months (until February 12, 2025), provided the debtor company paid €9,000 for auction expenses and €110,000 toward its debt, totaling €119,000.

Following this, a new auction was set for March 12, but no bidders participated, leading to the rescheduled sale on April 9.

Property Details

Located in Agia Marina, Chania, a prime tourist area with multiple five-star hotels (e.g., Avra Imperial, Euphoria Resort, Solimar White Pearl), Galini Sea View is a 5-star, all-inclusive, adults-only hotel.

The complex spans 8,064.76 sqm, with 5,941.18 sqm inside the town limits and 2,123.58 sqm outside. It is 100 meters from the Chania-Kissamos highway and 170 meters from the sea.

The buildings, per the appraisal report, are of high construction quality and well-maintained. The hotel’s approved capacity is 51 rooms with 107 beds, while its actual capacity includes 128 rooms with 266 beds (8 singles, 102 doubles, 5 triples, and 13 studio apartments).

The surrounding area features a central pool, paved pathways, green spaces, and an asphalted parking area. However, a visual inspection revealed unauthorized extensions, structural height changes, pool modifications, and room conversions.

Initially set at €12.78 million, the starting bid was later increased to €14 million following a legal challenge but has now been reduced to €11.2 million.

The court also ordered corrections to the foreclosure report to include details about the hotel’s eight-level structure, made of reinforced concrete, with exterior brick walls and ceramic tile-covered flooring.

Kapniki Michailidis

The struggles of Kapniki Michailidis, once the world’s fourth-largest tobacco processing company, continue. Another auction has been scheduled for its facility in Neochorouda, Oreokastro, Thessaloniki, within the Industrial Zone.

Set for September 24, 2025, the auction is pursued by Deutsche Bank AG following an international arbitration court ruling, with claims amounting to €300.18 million.

The facility spans a 34,208.48 sqm plot, housing a tobacco processing industrial complex. The site includes five buildings totaling 31,839 sqm.

• Building 1: Production (5,285 sqm) and office (545 sqm) spaces. Includes staff rooms, loading docks, and industrial lighting.
• Building 2: Tobacco storage (12,374 sqm), a two-story structure with industrial doors, artificial and natural lighting, and access via stairs and an elevator.
• Building 3: Processing of tobacco scraps and stems (893 sqm), connected to Building 2.
• Building 4: Boiler room (280 sqm) and auxiliary buildings.
• Building 5: Product storage (12,462 sqm), also a two-story structure with similar features.

The starting bid for the complex is set at €5.08 million.

Ongoing Auctions

Kapniki Michailidis’ unit in Kilkis has repeatedly failed to sell despite multiple attempts by Deutsche Bank AG.

This property includes a 200,876.61 sqm plot, part of a larger 300,134.68 sqm estate, with an 81,602 sqm tobacco processing and storage facility.

The first auction was on February 28, 2024, with an opening bid of €6.49 million. Despite price reductions (now at €4.22 million), no buyers have emerged. The last auction was on February 19, 2025.

Additionally, a 21,062 sqm agricultural plot in Nea Kavala, Kilkis, is up for auction on March 26, with a starting bid of €22,958.

On April 25, another auction will be held for 520,020 kg of tobacco, with a starting price of €211,946.20, due to an unpaid debt of €295,959.96.

The Agoudimos Family

The Agoudimos family has also been entangled in auctions for years, losing several properties.

A July 2 auction is scheduled for a plot with buildings in Kalyvia Thorikou, unless a suspension is filed. The auction is against Anthi-Marina Agoudimos, widow of late shipowner Makis Agoudimos, and their son, Alexandros Agoudimos.

The 4,796 sqm plot, located 350 meters from the sea, is in a designated urban planning area in Kalyvia, Saronikos Municipality. The site, known as “Rachi Cheromes” or “Where the Ox Broke”, is fenced and accessed via Kyprou Street.

Intrum is leading the auction, with a starting bid of €877,668.