ECONOMY

Price for Astir Palace set at 400 mln euros

National Bank of Greece and state privatization fund TAIPED, which control the fate of the Astir Palace hotel at Vouliagmeni, southern Athens, have reportedly set a minimum asking price for the unit at 400 million euros ahead of tomorrow’s deadline for the submission of binding bids.

Although the bank and the fund are saying nothing about the identity of the three bids that have been short-listed for the sale of the hotel, the highest bid appears to have come from AGC Jermyn Street IV, which is based in London and supported by investors of mostly Arab origin.

Sources add that there is also some Turkish interest behind one of the three bidders.

Market experts say that all three suitors are eager to acquire the unit and will fight it out till the end for its control.