Shipowner George Prokopiou now appears to be in possession of 100% of the Asteras Vouliagmenis hotel complex. According to information, the shipowner, who has already purchased 30% of the Asteras from the Turkish group Dogus last year, has now reached an agreement with the Arabs of Jermyn Street Real Estate Fund, from whom he is buying the remaining 70%, for 700 million euros. Thus, George Prokopiou became the sole owner of the emblematic complex, for a total of 1 billion euros, while the National Bank sold it in 2013 for 390 million euros.
The hotel complex operates under the Four Seasons brand, while the 13 plots of land of the former Aphrodite hotel unit were sold and new villas are being built, of which 11 were purchased by the shipowner Diamantidis and 2 by the family of Marianna Latsi.
At the same time, renovation and reform investments exceeding 53 million euros have been made at Astir Marina, while the construction of the underground connection between the marina and the Astir hotels is currently underway. The marina has 59 berths, while some of the most luxurious brands have retail stores, such as Hermes, Loro Piana, and Louis Vuitton. There are also two restaurants, Cova and Bagatelle.
High performance
Under the general management of Penny Zaglaridou, Astir Vouliagmeni has achieved high financial performance in recent years. In the latest published balance sheet for the financial year 2023, the company’s turnover increased by 35.29% compared to 2022 and reached 295.4 million euros. This increase came mainly from the sales of the remaining vertical properties (plots for sale) by 29.08% and due to the excellent performance of the company’s hotel unit and F&B by 5.34%.
Although the details of George Prokopiou’s agreement with Jermyn Street have not been disclosed, the shipowner seems to be acquiring the hotel complex at one of its best times and with prospects for further growth.
George Prokopiou’s investments
Shipowner George Prokopiou manages a fleet of over 150 ships while his current investments in new buildings amount to 8 billion. dollars. He is also the owner of Skaramangas Shipyards.
His presence in the real estate sector is equally dynamic as he owns more than 2,500 properties throughout the country and participates in Lamda Development. Thus, with the acquisition of Asteras, George Prokopiou took on a key role in the Athenian Riviera, which attracted the interest of many Greek and foreign investors.
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