Athens Riviera Astir Palace Resort Sale Gets Green Light

The Greek Council of State has approved amended plans for the sale of the historic coastal hotel resort Astir Palace to consortium Jermyn Street Real Estate Fund IV LP.

Jermyn Street Real Estate Fund IV LP will dish out 400 million euros for Astir Pallas, located in the southern Athens suburb of Vouliagmeni. The investor had submitted the highest bid for a 90 percent stake in Astir Palace in February 2014. The transaction has been on the back-burner after the Council of State rejected terms of the deal that foresaw among others the construction of up to 100 luxury villas on a section of the peninsula.

Greece’s assets fund TAIPED announced earlier this year that the agreement, signed on December 31, 2015, included an amended and “milder” special zoning plan for the 304.429m2 property.

The new owners, comprised of investors from Turkey, Abu Dhabi, Dubai, Kuwait, will initially renovate two of Astir’s hotels to six-star luxury resorts, develop 13-15 residential areas and upgrade the marina.

The new approved scheme allows for the operation of accommodation units, independent luxury residences, tourist facilities, restaurants, bars, snack bars, restaurants, shops, cultural and sports as well as conference facilities.