BUSINESS

New owner’s grand plans for Athens Hilton unit

STATHIS KOUSOUNIS

TAGS: Tourism, Property

Home Holdings completed on Friday its acquisition of Ionian Hotels, the owner of the Athens Hilton hotel building, from Alpha Bank, with the buyers’ plan including the provision of luxurious tourism accommodation for high-income guests at the emblematic hotel as well as new products and services.

The holding company, whose shareholders are TEMES SA and D-Marine Investments Holding BV, paid 76.1 million euros to buy 97.3 percent of Ionian Hotels, with the total revenue for Alpha amounting to 143.3 million euros, as it includes the refinancing of Ionian’s loans (67.2 million euros).

Hilton has an operation contract for the landmark Athens hotel until March 2018 and the new owner will examine the possibility of extending it before holding discussions with other international chains.

Home Holdings is considering turning the building into a condo hotel, with Greek law allowing for the sale of up to 50 percent of a hotel’s rooms as luxury accommodation. The new owner is also planning to create entertainment facilities and new commercial stores in the unit.

A premier developer of luxury mixed-use resorts, TEMES is the owner of Costa Navarino in the Peloponnese, while D-Marine is a subsidiary of Turkey’s Dogus Group.

Online