Greece’s Alpha Bank SA confirmed on Wednesday that is has launched a process to sell Athens-listed Ionian Hotel Enterprises (IHE), owner of the five-star Hilton Athens. Alpha Bank, holds 97.3 percent of IHE.
According to an announcement by Alpha Bank, the deadline to receive expressions of interest is March 11. Citigroup Global Markets (Citi) has undertaken the role of financial adviser on the sale.
According to Reuters, Citi’s head of Greece and Cyprus investment banking, Theodoros Giatrakos, is leading negotiations with interested parties, which have been given the option of bidding alone or teaming up in an investment consortium.
Greek press reports say that the call for bids is expected to attract great interest from international hotel enterprises, private fund managers, sovereign wealth fund and high-net worth entrepreneurs.
The hotel has 506 spacious rooms, 22 fully equipped meeting rooms and an array of facilities and services that make it an ideal choice to combine business with leisure travel. The hotel’s Galaxy Restaurant & Bar, which offers a panoramic view of Athens, in February 2015 was named as one of the 10 best rooftop bars in the world by Premier Traveler magazine.