Lamda Development signs deal with TEMES for joint development of hotels in Ellinikon

TornosNews.gr 06.03.2023 | 20:38
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Lamda Development signs deal with TEMES for joint development of hotels in EllinikonThe 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

Lamda Development on Monday announced the signing of two strategic cooperation agreements with TEMES SA for the joint development of two state-of-the-art, luxury 5-star hotels and the corresponding branded residences on the coastal front of the Ellinikon, with a construction completion horizon of these developments at the end of 2026, ANA reports.

More specifically, a deal between BELT Riviera SA and HELLINIKON SMSA (the company’s 100% subsidiary) regarding the purchase by the former of 100% of the freehold rights of a property with an area of 80,011 sqm in the development zone “ CF-D2” of the Metropolitan Pole Elliniko-Agios Kosmas, on which, according to the initial plan, the following will be developed: a 5-star hotel with 160 keys, large outdoor spaces and iconic dining and entertainment outlets by the sea, a luxury Beach Club, a Health Club with recreation, fitness and beauty facilities, accompanied also by a residential complex of 17 luxury branded homes/apartments with unobstructed views to the sea.

The above development will be situated adjacent to the prime beachfront residential zone of ultra-luxury residences (The Cove Villas and The Cove Residences). The total transaction consideration is payable in installments and amounts to approximately 38.3 million euros, consisting of the purchase price of the property of approximately 22.3 million as well as the allocated infrastructure costs of the Metropolitan Pole of approximately 16 million euros. The first installment of the consideration of approximately 12.8 million euros, plus relevant taxes, was paid at the signing of the agreement. BELT Riviera SA is controlled 70% by TEMES SA and 30% by HELLINIKON SMSA.

RELATED TOPICS: Greece, Greek tourism news, Tourism in Greece, Greek islands, Hotels in Greece, Travel to Greece, Greek destinations, Greek travel market, Greek tourism statistics, Greek tourism report

Photo Source: Wikimedia Commons License: CC-BY-SA Copyright: Konstantin von Wedelstaedt

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