Greek owner of Costa Navarino acquires majority control of Athens Hilton Hotel

TEMES, a Greek family owned premier destination developer and operator in the high-end tourism and real estate sector including Costa Navarino, on Friday announced that it has agreed to increase its stake and acquire a controlling interest in Ionian Hotel Enterprises S.A., which owns the landmark Hilton hotel in downtown Athens.

According to an announcement, the Constantakopoulos family of TEMES, entered into an agreement to increase its stake to 51 percent, thereby acquiring majority control of Ionian Hotel Enterprises S.A.

The remaining 49 percent will be held by an affiliate of The Olayan Group, a shareholder of TEMES. The stake in Ionian being acquired was previously held by D Hospitality B.V., a subsidiary of Turkish Doğuş Group.

“TEMES and Dogus Group have enjoyed a valued partnership which laid the foundation for other collaborations in the fields of hospitality and gastronomy,” the announcement said.

The transaction is subject to approval by the Hellenic Competition Commission.

The acquisition is expected to further enhance the position of TEMES as a leading destination developer and operator in the high-end tourism and real estate sectors.

Under the new ownership structure, Ionian Hotel Enterprises intends to upgrade and reposition the Hilton Athens on both local and international markets as a one-of-a-kind city destination. Beyond a luxury hotel, the property will include upscale branded and serviced private residences, signature culinary venues, themed retail and other contemporary lifestyle offerings.

Ionian Hotel Enterprises S.A. is one of leading companies in tourism, hospitality and asset management in Greece.

*Source: GTPHeadlines