Athens Hil­ton in for to­tal makeover

Kathimerini English - - Focus - BY STATHIS KOUSOUNIS

The in­vest­ment plan for the Athens Hil­ton de­signed by its new owner, Home Hold­ings, fore­sees the cre­ation of luxury apart­ments that will be put up for sale, as well as new com­mer­cial spa­ces to ac­com­mo­date food and en­ter­tain­ment ser­vices, but also re­tail stores.

The plan has been pre­sented in sum­mary in a re­port by the fi­nan­cial con­sul­tant re­gard­ing the oblig­a­tory public pro­posal sub­mit­ted by Home Hold­ings. This con­cerns the ac­qui­si­tion of all of the re­main­ing com­mon shares with vot­ing rights in Io­nian Ho­tel En­ter­prises SA, so as to squeeze out all small stake­hold­ers and delist the com­pany from the Athens stock mar­ket.

The new owner of one of the Greek cap­i­tal’s most em­blem­atic mod­ern land­marks – leased by the Hil­ton Ho­tels & Re­sorts chain – in­tends to re­struc­ture the en­tire prop­erty by up­grad­ing the qual­ity of the unit and in­tro­duc­ing some changes to its use.

It is plan­ning to trans­form part of the ex­ist­ing struc­ture into pri­vate homes (con­do­mini­ums) in the con­text of a law on joint-own­er­ship ho­tels, as well as turn­ing part of the units sup­ple­men­tary spa­ces (such as public spa­ces and con­fer­ence halls) into shops and food and en­ter­tain­ment out­lets. Home Hold­ings is also con­sid­er­ing us­ing – in part or en­tirely – the right by law for more con­struc­tion within the plot in or­der to ac­com­mo­date ad­di­tional activities of a sim­i­lar na­ture.

The man­age­ment con­tract with Hil­ton is due to ex­pire in 2018 and the new owner’s plan in­cludes the se­lec­tion of an op­er­a­tor for the up­graded ho­tel and the new apart­ments among com­pa­nies with in­ter­na­tion­ally renowned brands, in­clud­ing Hil­ton.

Home Hold­ings SA, which ac­quired Hil­ton’s build­ing in 2016, be­longs to TEMES SA, owner of the Costa Navarino re­sort in the Pelo­pon­nese, and to D-Ma­rine In­vest­ment Hold­ings BV that is con­trolled by Turk­ish group Do­gus. D-Ma­rine’s hold­ings in Greece also in­clude its 100 per­cent sub­sidiary Do­gus Hel­las SA, a 99 per­cent stake in G Med­mari­nas Man­age­ment, in Le­fkas Ma­rina SA and Gou­via Ma­rina SA, and a 74.3 per­cent stake in Zea Ma­rina SA.

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