TEMES of Costa Navarino Buys Balance 51% of Athens Hilton from Turkish Dogus

Main Photo: The Hilton Athens

Date: February 2019

Location: Overlooking the ancient Acropolis and the Athens cityscape, Greece

Name: The Hilton Athens

No. of Keys: 506

Seller: The consortium of Turkish group Dogus and Greek Temes, who bought the hotel from Alpha Bank for around €145m in October 2018. The hotel was built in 1963.

Buyer: Temes SA, acquired on Friday the majority stake of Ionian Hotel Enterprises SA. Temes is currently owned by the family of Achilleas Konstantakopoulos, the current proprietor of Costa Navarino – the most renowned tourism resort complex in Greece. Ionian Hotel Enterprises was the majority bond-holder behind the renowned Hilton Athens Hotel.

Temes acquired the 51% stake of Ionian Hotel Enterprises while the remaining 49% will remain at the hands of Temes affiliate, the Olayan Group.

Established in 1947, the Olayan Group possesses a portfolio of commercial and industrial investment projects scattered around the countries of the Middle East.

The 51% stake in the Ionian Hotel Enterprises was acquired by Temes from the former business partner, D-Marine Investments Holding BV.

D-Marine Investments is a subsidiary company of the Turkish Dogus Holding. The sale of D-Marine Investments Holding shares took place at a time when the Turkish conglomerate is under pressure by financial institutions to settle outstanding loan debts exceeding €725 million.

Transaction details will be reviewed in the coming days by the Hellenic Competition Commission.

The Athens Hilton is expected to incorporate from Temes Group part of the dynamism that constituted Costa Navarino a leading resort in the Eastern Mediterranean world.

Temes seeks to upgrade the outreach of Hilton Athens Hotel both domestically and internationally – constituting Athens as a unique travel destination.

Temes action plan envisages the development of serviced apartments, state-of-art food and beverage venues, modern retail services and lifestyle activities.

Temes is expected to carry on with the Hilton brand in its newly acquired Athens Hotel, as its predecessor renewed in November 2018 the operating licence with Hilton Worldwide Group.

Costa Navarino has put the Peloponnese on the international map. They say it’s more than a hotel. It’s a legacy, a cult destination itself, with a great Greek artist of the past, Yannis Moralis, setting the tone with a retro artwork on the facade, and the unique architectural style, the view to the Acropolis and the city skyline from the rooftop Galaxy bar.

Take me to the Hilton, the motto itself, brings the visitor near the Benaki Museum, the Byzantine Museum, the Museum of Cycladic Art and the Acropolis Museum.

It was Conrad Hilton himself, who considered the Athens Hilton to be «the most beautiful Hilton hotel in the world», an emblematic hotel designed by four Greek architects with elements of Greekness: Emmanouil Vourekas, Prokopis Vassiliadis, Spyros Staikos and Antonis Georgiades.

Price: Undisclosed

THPT Comment: Good for the Konstantakopoulos family in getting this iconic hotel…been a while coming!

First Seen: Hospitality On

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