The Arab-Turkish Jermyn Street Real Estate fund, the National Bank of Greece and the Hellenic Republic Asset Development Fund (HRADF -TAIPED) reached an agreement on the sale of Athens Astir Palace Resort.
The implementation of the agreement, however, will depend on the approval of the new development plan by Greece’s State Council court in the coming months.
The new plan provides for the development of only 13 luxury bungalows, instead of 100 shown on the previous one, so it is estimated that the State Council will give its approval.
Six-star hotels
Two ultra luxury six-star hotels will also be constructed in the present place of Arion and WestIn accommodation units.
The agreed price remains at 400 million euros for the transfer of Astir’s 90% stake currently held by the National Bank of Greece.
Of this sum, 300 million euros will go to the bank and the remaining 100 million euros to HRADF.
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