ECONOMY

Greece’s Alpha Bank said to seek 180 mln euros for Athens Hilton

Alpha Bank AE, Greece’s fourth- largest bank, plans to sell the Hilton Athens hotel for 180 million euros ($230 million), two people with knowledge of the matter said.

The 506-room, five-star hotel in the city center may be sold this year, said one of the people, who asked not to be named because the information isn’t public. A spokeswoman for Alpha Bank declined to comment.

Investors including Oaktree Capital Group LLC and the Jermyn Street Real Estate fund have been investing in hotel assets across Greece as rising tourism helps the country dig its way out of a six-year recession.

Tourist arrivals in Greece reached a record 17.5 million in 2013 and are set to reach 19.5 million this year, according to the Association of Greek Tourism Enterprises. Tourism represents around one sixth of the nation’s gross domestic product and it’s set to generate 13.5 billion euros of revenue in 2014, the group estimates.

[Bloomberg]