Hospitality platform Grivalia Hospitality S.A. has completed the acquisition of 80 percent of Nafsika S.A., which holds the long-term lease of the Asteria property in Athens’ seaside district Glyfada, an announcement by Grivalia Properties REIC said on Tuesday.
Grivalia Hospitality is the investment arm of Grivalia Properties and focuses on hospitality assets.
The property located in Glyfada, where the renowned hotel complex “Asteria” operated until 1990, is owned by the Hellenic Public Properties Company (ETAD).
In August 2017, Grivalia had announced plans to redevelop the legendary hotel into a super luxurious resort “that will considerably upgrade the seafront side of Attica, will attract top quality tourism and create direct benefits to both the local society and the wider economy”.
Nafsika S.A. holds the long-term lease of the Asteria property until December 12, 2081.