Investment firm Jermyn Street Real Estate Fund IV LP made the best offer for the majority stake in the Astir Palace luxury resort at Vouliagmeni, southern Athens.
According to the Hellenic Republic Asset Development Fund (TAIPED), the investment firm, a fund managed by Arab interests AGC Jermyn Street IV, made an offer of 400 million euros for Astir.
The financial offers were opened on 9 December.
According to reports, the investors intend to convert the resort’s two hotel units (Arion Hotel and Westin Hotel) into six-star hotels and construct some 20 luxurious residences for billionaires from all over the world. The main intention is to transform the area – known as Mikro Kavouri – into a destination for the international jet set, reports said.