The sale of the Titania Hotel in central Athens, has been completed, passing – according to local media reports – into the hands of UK-based private real estate and leisure investment company London & Regional Properties (L&R).
L&R is reportedly putting forth more than 50 million euros for the Titania and once confirmed, the acquisition will increase L&R’s activity in Greece to 800 rooms.
Titania is the third Greek hotel project attracting L&R interest. The British private equity firm also invested some 30 million euros two years ago in the Amathus on Rhodes, and is participating with local construction giant Intrakat in the establishment at Kalo Livadi, Mykonos, of a 5-star luxury hotel and residences budgeted at 80 million euros.
According to Greek daily Kathimerini, L&R has repeatedly expressed interest in investing some 300 million euros in Greek hotel and commercial properties.
The London-based company is one of the largest privately held principal investors in Europe, with assets under management exceeding 9 billion pounds and business interests in the UK, Europe, and the Americas.
The company’s portfolio includes the London Hilton on Park Lane, the UK’s leading independent health provider with 67 hospitals – General Healthcare Group, Diageo’s head office in London, dozens of care homes, and the Panama Pacifico, a 700-million-dollar mini-city on the banks of the Panama Canal.
The company’s first approach in Greece, was through interest in the development of Hellinikon, Athens former airport.
Editor’s note: Representatives of L&R and Titania Hotel were not available for comments when contacted by GTP Headlines. Updates on the hotel’s sale should follow in the coming days.