No Astir book­ings af­ter Novem­ber 10

Kathimerini English - - Front Page - STATHIS KOUSOUNIS

The sale trans­ac­tion for the Astir Palace re­sort at Vou­liag­meni, south­ern At­tica, will have been com­pleted by Septem­ber, and a gen­eral meet­ing of the com­pany set to take over de­cided yes­ter­day that no book­ings will be ac­cepted be­yond Novem­ber 10 so that it can im­ple­ment its re­fur­bish­ment pro­gram af­ter that date.

The ex­tra­or­di­nary gen­eral meet­ing that took place yes­ter­day also de­cided to ap­prove the in­crease of the com­pany’s share cap­i­tal by 51.7 mil­lion eu­ros through the sale of com­mon shares that state sell-off fund TAIPED will ac­quire. Af­ter the com­ple­tion of the cap­i­tal in­crease, the stake of main share- holder Na­tional Bank in Astir Palace will drop from 85.4 to 67.2 per­cent, while TAIPED will ob­tain a 21.3 per­cent stake on the ho­tel com­pany.

Af­ter that the stakes of Na­tional and TAIPED will be trans­ferred to Apollo Investment HoldCo, a sub­sidiary of ten­der win­ner Jermyn Street Real Es­tate Fund IV. Of the sum of 400 mil­lion eu­ros the buyer will pay, two-thirds will go to Na­tional Ban and the rest to TAIPED.

It should be noted that the sus­pen­sion of the book­ing sys­tem’s op­er­a­tion does not nec­es­sar­ily mean that the en­tire ho­tel com­plex will also shut down.

The Astir Palace re­sort’s sale trans­ac­tion should be com­pleted by the end of Septem­ber.

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