TEMES and Lamda Team Up for Luxury Hotels – Apartments at Hellinikon

The Hellinikon. Photo source: The Hellinikon Project.

Construction giants TEMES SA and Lamda Development announced this week that they had agreed to the establishment of two joint ventures that will undertake the construction of two luxury hotels at Hellinikon, along the Athenian Riviera as part of the multi-million-euro Ellinikon Project.

The total starting investment of the projects comes to 300 million euros and concerns the construction of luxury resorts and branded apartments in a 63,000m2 area to be managed by international hotel brands at the Agios Kosmas Marina and on the coast of Elliniko in Glyfada.

Under the Memorandum of Understanding (MoU) signed this week, the companies agreed to set up Belt Riviera with TEMES holding a 70 percent share and Elliniko SA a 30 percent share. The initial share capital was set at 46.5 million euros, 18.6 million euros of which was paid proportionally by both parties and the remainder to be paid over a period of five years.

The Ellinikon area map. Photo source: The Ellinikon Project.

The second joint venture under the MoU is Malt Riviera – 70 percent share, TEMES, owners of luxury resort Costa Navarino in Messinia, and 30 percent Elliniko SA – with an initial share capital of 62.5 million euros, 24.6 million euros of which paid immediately and the rest over a period of five years.

According to plan for the Ellinikon Project, the strategic agreement for the joint development of the luxury hotels and residential complexes on the coastal front is expected to generate 91 million euros.

Lamda Development CEO Odisseas Athanasiou has said that in the first months of 2023, the consortium is expected to announce partnerships with the international hotel brands that will take over the management and operation of the two luxury units once these are completed.