SIII Moves Towards Final Steps in SkyTower Hotel Acquisition
DUBAI, United Arab Emirates--(BUSINESS WIRE)-- Strategic Internet Investments, Inc. (OTC: SIII) moved towards the final steps in its planned acquisition of the SkyTower Hotel by issuing $63 million in debentures to the owner of the hotel and to several strategic investors.
SIII continues to rapidly expand its portfolio of real estate properties following its acquisition of AkCenter Shopping Center last month. For the SkyTower acquisition, SIII has issued debentures equal to the $63 million appraised value of the hotel. SIII plans to close the acquisition once the property’s liabilities are extinguished.
SkyTower is located in the luxurious castle of Akçakoca, a beautiful port town with breathtaking views overlooking the Black Sea. It hosts one of the biggest spa-wellness centers in the district with tennis courts, game rooms, business centers, outdoor and indoor pools, and even a children’s playroom.
SIII is rapidly executing its corporate strategy to expand revenue generating potential through a series of commercial real estate acquisitions to yield 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 Jones Lang LaSalle, Inc. (NYSE:JLL), CBRE Group, Inc. (NYSE:CBG) and Colliers International (NASDAQ:CIGI).
For information, please visit http://www.siiincorp.com/news.html.
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