BUSINESS

Athens Hilton in for total makeover

STATHIS KOUSOUNIS

TAGS: Tourism, Business

The investment plan for the Athens Hilton designed by its new owner, Home Holdings, foresees the creation of luxury apartments that will be put up for sale, as well as new commercial spaces to accommodate food and entertainment services, but also retail stores.

The plan has been presented in summary in a report by the financial consultant regarding the obligatory public proposal submitted by Home Holdings. This concerns the acquisition of all of the remaining common shares with voting rights in Ionian Hotel Enterprises SA, so as to squeeze out all small stakeholders and delist the company from the Athens stock market.

The new owner of one of the Greek capital’s most emblematic modern landmarks – leased by the Hilton Hotels & Resorts chain – intends to restructure the entire property by upgrading the quality of the unit and introducing some changes to its use.

It is planning to transform part of the existing structure into private homes (condominiums) in the context of a law on joint-ownership hotels, as well as turning part of the units supplementary spaces (such as public spaces and conference halls) into shops and food and entertainment outlets. Home Holdings is also considering using – in part or entirely – the right by law for more construction within the plot in order to accommodate additional activities of a similar nature.

The management contract with Hilton is due to expire in 2018 and the new owner’s plan includes the selection of an operator for the upgraded hotel and the new apartments among companies with internationally renowned brands, including Hilton.

Home Holdings SA, which acquired Hilton’s building in 2016, belongs to TEMES SA, owner of the Costa Navarino resort in the Peloponnese, and to D-Marine Investment Holdings BV that is controlled by Turkish group Dogus. D-Marine’s holdings in Greece also include its 100 percent subsidiary Dogus Hellas SA, a 99 percent stake in G Medmarinas Management, in Lefkas Marina SA and Gouvia Marina SA, and a 74.3 percent stake in Zea Marina SA.

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