TEMES SA Expands into Real Estate with New Residential Tourism Products

The Residences at The Westin Resort

Taking its multi-awarded luxury tourism resort Costa Navarino in Messinia, a step further, TEMES SA announced this week that it was expanding into real estate with two new residential tourism products.

Addressing a media briefing on Tuesday, TEMES CEO Stephanos Theodorides and the company’s director of real estate, Evgenios Dendrinos, said they had already sold 17 out of 98 apartments from “The Residences at The Westin Resort” collection and announced plans for a new residential project set to begin in 2019 with the construction and sale of 40 luxury villas.

For the materialization of the first project, TEMES has spent nearly 600 million euros to date. Under a sale & leaseback model, investors enter an 18-year program, with guaranteed income equal to 4 percent of the value of each 120m2 apartment, while TEMES undertakes the lease of the property, allowing the owners use for an eight-week period each year. Greek banks are offering financing options of up to 50 percent of the property value.

Other plans through to 2020 include the creation of two new 18-hole golf courses at Navarino Hills and two new hotels – the five-star Navarino Waterfront and a unit near the 18-hole, award-winning “The Bay Course” golf course – to be added to the existing luxury facilities: The Westin Resort and The Romanos of Costa Navarino.

Driven by the new projects, turnover for the company’s hotel-golf activities came to 50 million euros and to 19 million euros for its property segment in 2018.

For 2019, TEMES is aiming to further boost its revenue by 10-12 percent.

A subsidiary of the Constantakopoulos Group, TEMES SA, together with Dogus Holdings, also owns the Hilton Athens.