One of Athens’ most prominent beachside hotel resorts, Astir Palace, is set to open its doors in April 2018 after being refurnished under 600 million euro investment plan, according to its management.
Greece concluded in October the sale of a 90 percent stake in the Astir Palace hotel complex to the Jermyn Street Real Estate Fund for 393 million euros as the country went ahead with a privatization plan demanded by creditors, the International Monetary Fund and euro zone nations. The fund represents investors from Turkey, Abu Dhabi, Kuwait and other Arab emirates.
The plan to develop the resort includes two luxury hotels, a park area, a marina and self maintained bungalow homes. The cost of the redevelopment will up the investment’s total price tag to 600 million euros, company officials said.
The facilities area will cover a total area of 56,000 square meters of which 41,500 square meters will be for tourist venues. The park area will be open to the public. (2)