The Arab-Turkish consortium buying Astir Palace has already been granted an €11 million bonus by the Greek government to implement its investment program, Tornos News reveals today.
The consortium managed through its subsidiaries, before even signing to the acquisition of the resort, to integrate its investment in the Development Law aided program.
Regardless of the final level of investment that the consortium promises to implement, the decision on the inclusion of the investment in the Development Law provides for a €75 million investment.
Modernization of hotel complexes and marina
The investment concerns the modernization of the two hotel complexes and marina leased in 2012 to Astir Palace for 40 years by the Greek government.
It does not apply to the villas that will be built, as they can not be integrated into the Development Nomo.
More specifically, for the modernization of the two hotels the consortium has secured a grant of over €8 million while another €3.4 million has been ensured to modernize the marina.
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