BUSINESS

Cosco plan for three Piraeus hotels is approved

ILIAS BELLOS

TAGS: Privatizations, Tourism

Cosco’s plans for the transformation of three Piraeus Port Authority (OLP) buildings into hotels were conditionally approved by the Culture Ministry on Thursday.

Sources said that the Central Council for Modern Monuments gave its nod to the Chinese company’s investment program which sees the famous Pagoda building in Piraeus being transformed into a five-star hotel, on the condition that “its front is not altered.”

It also issued its approval for the transformation of two large warehouses into four- and five-star hotels; they will have 150 and 200 rooms respectively, while the hotel at the Pagoda building will have 300 rooms. However, OLP sources say the conditions attached to the decisions could reduce room numbers.

The cost of this investment, according to the Cosco master plan for OLP, will come to 48 million euros for the two warehouse units and 60 million euros for the Pagoda unit.

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