Historic Greek Luxury Resort Asteras Open for Business

The historic coastal Asteras hotel resort in the southern Athens suburb of Vouliagmeni will remain open in 2015. Management of the high profile hotel complex is awaiting a Council of State decision (initially slated for November 2014) in order for the transaction with new owners Jermyn Street Real Estate Fund IV LP to be completed.

Operations and sales are currently being run by Astir Palace Vouliagmeni AXE, following the termination of the contract with Starwood Hotels & Resorts, which had taken over management of the complex in 2006.

In view of the large-scale investment planned for the 8.5-hectare expanse, the resort had stopped all booking. In December, however, management decided it would draft a medium-term strategy that includes the operation of the 125-room Arion and 162-room Nafsika hotels.

According to Greek daily Kathimerini, reservations for the coming summer remain at the same levels with last year, with an increased interest for conference events.

Plans of the new owners, comprised of investors from Turkey, Abu Dhabi, Dubai, Kuwait, include the renovation of two of Asteras’ hotels to seven-star luxury resorts, the development of 13-15 residential areas and the upgrade of the marina.