TEMES, a premier destination developer and part of the Constantakopoulos Group in Greece, announced the acquisition of 51% of the Athens Hilton Hotel from the Turkish investment group Dogus.
TEMES, the owner of high-end tourism resort Costa Navarino in the Peloponnese, said in the announcement it had reached a deal to increase its stake to 51%, acquiring control of Ionian Hotels and Enterprises SA while the 49% was taken over by a company affiliated with the Olayan Group, a shareholder of TEMES. This percentage was previously controlled by D Hospitality B.V., a subsidiary of Turkish Dogus Group.
Even though the Turkish group has repeatedly underlined that its holdings in Greece (Hilton Athens, Asteras Vouliagmenis and marinas) would be the last acquisitions it would liquidate, it is now being forced – under the burden of debt obligations and pressure from creditor banks – to liquidate its stake in Hilton Athens.
The completion of the agreement is subject to the approval by the Hellenic Competition Commission.
RELATED TOPICS: Greece, Greek tourism news, Tourism in Greece, Greek islands, Hotels in Greece, Travel to Greece, Greek destinations , Greek travel market, Greek tourism statistics, Greek tourism report
