Grivalia Announces Plans to Open Super Luxury Hotel in Glyfada, Athens

Grivalia Properties REIC has announced that its hospitality platform, Grivalia Hospitality S.A., has concluded a binding preagreement to acquire 80 percent of Nafsika S.A., which through the National Bank of Greece holds the long-term lease of the Asteria property in Athens’ seaside district Glyfada.

The property is owned by the Hellenic Public Properties Company (ETAD) and is where the renowned hotel complex “Asteria” operated until 1990.

According to an announcement, Grivalia Hospitality’s task is to redevelop the legendary hotel on the same footprint, while respecting the natural environment.

“Our goal is to reposition our asset into a contemporary super luxurious international hotel (with bungalows and villas) that will be operated by a top flag hotel operator,” the announcement read.

Grivalia said that following the completion of the investment, a state of the art hotel will be created within the unique area’s natural beauty, “that will considerably upgrade the seafront side of Attica, will attract top quality tourism and create direct benefits to both the local society and the wider economy”.

The purchase price of 17.174 million euros covered mainly outstanding liabilities of the seller towards public services-social security institutions. Additionally, Grivalia Hospitality has undertaken to repay 12.325 million euros of existing obligations to a private lender.

“Over the past seven months, Grivalia Hospitality has launched its investment activity and started implementing its pipeline targeting acquisitions mainly in Greece,” Georgios Chryssikos, Grivalia Properties REIC CEO & Chairman of Grivalia Hospitality, said.

“Our goal, together with our partners, is to create a real jewel for the Athenian riviera; a hotel that will operate in international standards which will in many ways upgrade and benefit the broader region of Glyfada, will create 1,000 jobs and will assist Athens in being perceived as an all-year round tourist destination,” Chryssikos added.