Asteria Hotel Renovation Moves Forward

According to Greek Travel Pages, Greece’s Central Council of Architecture (KESA) approved an architectural study for the renovation of the historic Asteria hotel and property in Athens. The hotel is situated in Glyfada district along the Athenian Riviera.

Athens, Greece: 12 March 2021

The Asteria renovation project includes:

The creation of 115 luxury suites;
14 holiday homes;
12 suites;
A showroom and a multipurpose area;
Two restaurants;
Two archeological trails;
Activities areas for children and teenagers;
A wellness and rejuvenation center;
Bungalows, furnished apartments and villas.

The project will be implemented by Grivalia Properties REIC through its subsidiary Grivalia Hospitality SA.

In 2017, Grivalia Properties REIC concluded a biding agreement to acquire 80% of Nafsika S.A which held the long-term lease of the Asteria property. The total value of the acquisition was € 29.5 mln.

It is foreseen that while implementing the project, Grivalia will also invest in the creation of a small electric car network complete with charging stations, pedestrian walkaways and open-air art spaces.

According to Kostas Skrekas, Minister of Environment, the Asteria project is a landmark investment that will generate multiple benefits

“Asteria project has multiple benefits in line with our key priorities for the transition to a sustainable economy through the reduction of our environmental footprint.”

Navigator Consulting supports tourism investments in Greece and has extensive experience in due diligence on tourism and property investments.

For further information, please contact:

Philip Ammerman

Managing Director

info@navigator-consulting.com

Sources:

Major Tourism Investment at ‘Asteria Glyfada’ Moves Forward

Greek Travel Pages. 12 March 2021

Grivalia Announces Plans to Open Super Luxury Hotel in Glyfada, Athens

Greek Travel Pages. 16 August 2017

Greek Tourism Revenue falls by 76.5% in 2020

Navigator Consulting. 3 March 2021