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Hilton Hotel Property in Athens Sold for € 76 million; Temes and Dogus Group win Tender

The Hilton Hotel, a landmark in central Athens, has been sold by Alpha Bank to Home Holdings, an investment consortium comprising TEMES SA and D-Marine Investments Holding.

In October 2016, Home Holdings proceeded with the acquisition of Ionian Hotels, the owner of the Athens Hilton Building, from Alpha Bank. The total price was € 76.1 million, for 97.3% of Ionian Hotels. Included in the deal was the refinancing of € 67.2 million in loans owed by Ionian Hotels to Alpha Bank.

TEMES SA operates the Costa Navarino Hotel in Messinia, and is one of three major operating units owned by the Konstantakopoulos Family.

D-Marine Investments is a subsidiary of Turkey’s Dogus Group. Dogus is one of the three largest private sector holding companies in Turkey, with over 250 companies in its holding. Dogus has already invested in Greece, notable in the Astir Palace privatization: according to press reports, Dogus is a shareholder in the Jermyn Street Real Estate IV Fund, which purchased the Astir. Dogus also owns shares in the Lefkas, Gouvia and Athens Zea Marinas.

According to Kathimerini, Hilton will continue managing the property under March 2018, while the new owners are considering a number of investment strategies, including conversion of part of the hotel into luxury condominiums.

For further information on hotel investments in Greece, please contact us.

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