King George Hotel Owner Set to Be Announced

The new operator of Athens’ King George hotel currently run by Greek hotels group Lampsa SA is set to be announced in the next two weeks, according to local media reports.

The 5-star King George, dating back to the 1930s, was put on sale in May  by its owner Eurobank. The 102-room 9,450m2 hotel right next to the Hotel Grande Bretagne, consists of three underground levels, a ground floor, a mezzanine, eight storeys and a rooftop, and was leased to Lampsa SA in 2012.

Eurobank is set to invite the Laskaridis family, a main shareholder in Lampsa SA, to express its intention to purchase the property as well as negotiate a bond loan ending in 2018.

At the same time, according to banking sources, binding bids submitted last week for the property will be examined. Once the bank selects the highest bidder, Lampsa SA – which holds the right to match the highest bid submitted – will be required to express interest in purchasing the property. If it turns down the offer, the property will pass into the hands of the highest bidder.

Revenue in the first half of the year generated from King George and the Grande Bretagne came to 21.615 million euros, up from 17.813 million in the corresponding period of 2016. The group’s revenues increased by 21.9 percent to 27.449 million euros, up from 22.525 million euros in the first half of 2016.