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Lampsa SA Completes Acquisition of King George Hotel in Athens

King George Hotel and Hotel Grande Bretagne at Syntagma Square in central Athens.

King George Hotel and Hotel Grande Bretagne at Syntagma Square in central Athens.

Lampsa Hellenic Hotels SA announced on Friday that it completed the acquisition of the 102-room historic King George Hotel from Eurobank for a total purchase price of 43 million euros. The hotel, located in Athens, had been leased to Lampsa from 2013 and was operated in conjunction with the nearby Hotel Grande Bretagne.

“With the aforementioned acquisition, coupled with the long-term lease and major overhaul of the historic Kings Palace Hotel, owned by the fund of former Agrotiki Bank employees, Lampsa has successfully completed its investment plans in the center of Athens, despite the difficulties of the Greek financial crisis, the company said in an announcement.

According to Lampsa, these business moves represent investments of more than 80 million euros and are expected to generate more than 200 jobs. “The group confirms its long-term confidence in Greek tourism and the continuing progress of the city of Athens,” Lampsa said.

It is noted that Lampsa Hellenic Hotels SA of the Laskaridis Group, has been listed on the Stock Exchange since 1946 and is actively involved in the tourism sector, owning the Hotel Grand Bretagne in Athens, the Sheraton Hotel on Rhodes, the Hyatt Regency and the Mercure Excelsior in Belgrade, and henceforth King George Hotel.

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