ECONOMY

Astir Palace announces expanded renewal plan under Starwood

Listed luxury hotel group Astir Palace, located in Vouliagmeni, south of Athens, will renovate its Aphrodite Hotel once its management is assumed by the Starwood group, that is, after July 1, it said in a stock market filing yesterday. Astir said it will invest more than the previously mentioned 45 million euros in renovation work and the construction of a conference center. As of next month, Starwood will advise Astir Palace on modern quality standards for Aphrodite and the group’s bungalows, as the renovation is to be aimed at the demanding international luxury hotel market. Since there are no concrete plans or studies for the renovation, the amount of 45 million euros is an initial estimate and not the actual budget, Astir said.