ECONOMY

Jermyn Street said to have given up on Astir Palace

The preferred bidder for the utilization of the Astir Palace Resort in southern Athens is close to abandoning the project following recent complications.

Sources say Jermyn Street Real Estate Fund has decided to give up trying to utilize the plot after recently striving to see the tender completed.

The fund, along with the Dogus Group, had been willing to pay some 500 million euros to buy the plot and invest another 300 million in the modernization of the two hotel units.

But a Council of State verdict banning any housing development in the area and owner National Bank’s decision not to drop its asking price have likely spelt the end of the bid.