Lampsa Hellenic Hotels S.A is expected to exercise its right to have a final say on the future of the King George Hotel at Syntagma Square, as the board of directors of Eurobank, which is the owner of the iconic hotel, will reach its conclusive decision on the matter next week. The bank had a contractual obligation, based on the lease agreement signed with Lampsa Group, who also own the adjacent Grande Bretagne Hotel, to inform Lampsa of the highest bid in the tender that started running last September for the hotel. According to sources, the only contender remaining in the running is US company Hines who made an offer close to 43 million dollars, which will reportedly be accepted by Lampsa.
The next step is for the board of directors of the owner company to give the “green light” for the final deal to close. It should be stressed that for the sale of the hotel, besides the American company who have already acquired the former Athens Ledra on Syngrou Avenue, Hines is interested in other investments in the Greek hotel market.
Lampsa has successfully and efficiently managed to operate King George Hotel, due partly to its synergy with Grande Bretagne Hotel, as Eurobank receives approximately 1.4 million euros a year. The group is becoming the dominant force in downtown Athens and is expected to consolidate its position after the latest developments as it will soon incorporate its portfolio the former Estate of the Agricultural Bank in the corner of Kriezotou and Panepistimiou streets, which will be transformed into a 5-star unit.
According to Lampsa’s official data, for the first half of 2017, the performance of the two hotels (Grande Bretagne and King George) has outperformed the rest of the Athens luxury hotels.
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