Lamda Development and TEMES S.A. have entered into a strategic agreement for the joint development of two state of the art, luxury hotels and residential complexes on the coastal front of Hellinikon, south of Athens‘ city center, during the first five-year phase of the project.
The overall investment for the development of the two hotels and the respective branded residences is estimated to reach 300 million euros.
The strategic agreement envisages, the development of a five-star hotel of distinct architecture at the Agios Kosmas marina, as well as a second beach front five-star luxury hotel along the coastal front. Both hotels will be accompanied by branded residences.
According to Lamda Development’s plan, a commercial zone consisting of high-end retail, dining and entertainment venues will also be developed at the Agios Kosmas marina.
“Our goal is to contribute, alongside with the other important investments in the area, into placing the Hellinikon and the Athens Riviera as one of Europe’s top destinations, whilst creating value for the society, our partners and shareholders” said Chairman of TEMES’ BoD Achilleas V. Constantakopoulos.
The development of the two complexes, subject to, inter alia, the acquisition of Hellinikon SA by Lamda Development, will be carried out by two special purpose vehicles (SPVs), in which TEMES and Lamda Development will hold a stake of 70 percent and 30 percent respectively.
“We are proud to have TEMES as a partner, a leading company with unique know-how in the development and operation of luxury tourism, residential, hotel complexes and destinations, basing their tourism development model on sustainability, respect for the environment, as well creating a positive imprint in the communities in which they operate,” Lamda Development CEO Odisseas Athanasiou said.
The design of the units will be assigned to globally renowned architecture firms, while the operation of the hotels will be entrusted to world leading hotel operators.
TEMES Group owns Costa Navarino, one of the largest tourism investments in the Mediterranean. It also controls the company Ionian Hotel Enterprises S.A., owner of a historic and flagship property in the center of Athens, which is managed by Hilton and operating under the Hilton Athens brand.