Greek Shipowner Prokopiou Acquires Stake in Astir Palace Hotel Complex

Photo source: Four Seasons Astir Palace Hotel Athens

Greek shipowner George Prokopiou is further enhancing his real estate portfolio in Greece by acquiring more than 30 percent of the Four Seasons hotel operated by Astir Palace Vouliagmeni S.A. (“Astir”).

A leader in the hospitality market with over 50 years of experience in Greece, Astir’s portfolio includes the Four Seasons Astir Palace Hotel Athens, the Astir Marina, and Astir Beach, located south of Athens.

Reports indicate that Prokopiou, who has built an international real estate portfolio comprising over 2,500 iconic properties, has reached an agreement in principle with Arab-owned AGC Equity Partners Holding Ltd for a stake of more than 30 percent in the Astir hotel complex, valued at around 300 million euros.

AGC Equity Partners originally invested in the Astir Vouliagmeni complex in 2016 after winning the tender from the Hellenic Republic Asset Development Fund (HRADF).

Prokopiou’s involvement in the shareholding structure of the Astir Vouliagmeni development is expected to provide him with a unique advantage, positioning him not just as a minority partner but also enabling him to play a decisive role in the strategic development of the company.

It is noteworthy that Prokopiou has previously served on the Board of Directors of Astir Palace Vouliagmeni S.A., which has given him deep insights into the resort complex and the surrounding area, where he has been investing extensively over the years.

Ship owner George Prokopiou. Photo source: Delphi Economic Forum

Recently, Prokopiou invested in the nearby Ellinikon project in Hellinikon, purchasing the equivalent of four city blocks of land for 120 million euros from Lamda Development. His total investment in Ellinikon on the Athenian Riviera is estimated to reach 500 million euros, as he plans to develop residential and office spaces, along with an international educational institution.

Prokopiou oversees three shipping companies — Dynagas, Dynacom, and Sea Trades — managing a fleet of 135 vessels. Recently, Dynacom Tankers Management sold three tankers for 72 million US dollars, while Prokopiou’s vessel building program currently includes more than 70 ships.

According to reports, his long-term strategy focuses on the complete renewal of his fleet over the next 20 years.

In 2016, Lloyd’s List ranked Prokopiou 12th among the top 100 most influential figures in the global shipping industry.