The sale transaction for the Astir Palace resort at Vouliagmeni, southern Attica, will have been completed by September, and a general meeting of the company set to take over decided that no bookings will be accepted beyond November 10 so that it can implement its refurbishment program after that date.
The extraordinary general meeting that took place on Friday also decided to approve the increase of the company’s share capital by 51.7 million euros through the sale of common shares that state sell-off fund TAIPED will acquire. After the completion of the capital increase, the stake of main shareholder National Bank in Astir Palace will drop from 85.4 to 67.2 percent, while TAIPED will obtain a 21.3 percent stake on the hotel company.
After that the stakes of National and TAIPED will be transferred to Apollo Investment HoldCo, a subsidiary of tender winner Jermyn Street Real Estate Fund IV. Of the sum of 400 million euros the buyer will pay, two-thirds will go to National Ban and the rest to TAIPED.
It should be noted that the suspension of the booking system’s operation does not necessarily mean that the entire hotel complex will also shut down.