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  • Asteras resort privatization enters second phase

    TAIPED and Ethniki Bank have initiated the second phase of the privatization procedure of the Asteras hotel resort in Vouliagmeni. Of the 15 interested parties, 13 have been approved and will be asked to sign confidentiality clauses.

    Although no official announcements have been made, amongst the interest parties are the Baupost hedge fund which owns a 51.9% share of OPAP, Charterworld, real estate fund Colony Capital, real estate developers Hines, ICI, Strategic Initiative, AGC Equity Partners, Fosun and more.

    During the second phase the interested investors gain access to the data room to examine the potential of their investment, before submitting a final offer. This phase will end some time in autumn.

    The real estate investment includes the 308 acres on the Lemos peninsula, including the Arion and Westin Athens hotels, bungalows and a marina. The Ethniki Bank subsidiary Astir Palace Vouliagmenis owns 85.349% of the resort, while the State owns less than a third of the resort, where the “Aphrodite” hotel is built.

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