Four bidders for Astir Palace

Four consortiums were short-listed on Tuesday in the tender for the majority stake in the Astir Palace hotel at Vouliagmeni, southern Athens.

Greek, American and Arab investors have made binding bids for the prestigious unit that is 80 percent-owned by National Bank of Greece and 20 percent-owned by the Greek state.

The interest is considered satisfactory, given that this is the first time a state asset sale has drawn the interest of more than one party, and that the price to be paid will be at least 300 million euros, according to estimates.

The candidates are an American-Cypriot consortium comprising Colony Capital Acquisitions LLC and Dolphin Capital Investors Ltd, the Jermyn Street Real Estate Fund IV LP supported by six investors of mostly Arab origin, Greece’s Lamda Erga Anaptyxis SA, and Plepi Holdings Ltd controlled by members of the Constantakopoulos family from Greece and the Olayan family from Saudi Arabia.

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