The first “Four Seasons” in Greece has been in operation since late March and its reservations for the coming summer, the works at the emblematic Asteras Vouliagmeni is going faster than expected and has already entered the new era, having already completed its first phase of the investment in the two hotels, totaling €140 million, protothema.gr reports.
The total investment, which includes the upgrade of the marina, the 13th luxury homes and the upgrading of the beach is expected to surpass, along with the cost of acquiring the land, the 650 million mark, from the Turkish-Arabic investor scheme of Jermyn Street, with the contribution of AGC Equity Partners from London, and their participation investment funds from Abu Dhabi and Kuwait, Arab capitals and the Turkish Dogus Group. The first houses have already been built, while for the marina, the upgrading works with the upgrade as well as the Astir Beach projects.
Four Seasons plans to open nine new hotel units some of which will include a residential area, given the increasing significance of the branded housing portfolio for the group. “We have long waited to come to Greece looking for the right location. The DNA of the company is rather simple as is the whole philosophy: We operate medium size hotels on best places in the world and Asteras meets these criteria”, its director Mr. Sam Ioannidis said.
Internationally at present, the group has 111 hotels and resorts in 47 countries around the world including the latest additions to the Seychelles, Malaysia and Sao Brazilian Paolo. Greece, Thailand, India, Mexico, Canada, USA and India are the countries where a new chain of hotels will open in 2019.
Future plans for new hotels and residences of the group include China, Saudi Arabia and Vietnam. The group currently manages 41 residential projects in 19 countries with a portfolio of more than 3.000 units internationally with a real estate value of over $10 billion. Within the next five years, the Four Seasons housing portfolio is expected to double by more than 80%.
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