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The investment in Elliniko is progressing: Lamda-TEMES cooperation for 2 hotels

The conclusion of a strategic agreement with the TEMES SA Group for the joint development of two modern, luxury hotels and the respective tourist-residential complexes on the coastal front of Elliniko, during the first five-year phase of the project implementation, announced Lamda Development.

The total investment for the creation of the two hotels with the respective tourist-residential complexes amounts to 300 million euros.

In a relevant announcement it is noted that the TEMES Group is active in the development and management of high quality tourist destinations. TEMES Group owns Costa Navarino, one of the largest tourism investments in the Mediterranean, while it controls Ionian Hotel Businesses SA, owner of a historic and iconic property in the center of Athens, which is managed by Hilton and operates under the name Hilton Athens.

This partnership comes to realize the vision of the two companies for the consolidation of Athens as a top tourist destination, placing the Athenian Riviera on the world tourist map.

The agreement envisions the development of a unique five-star hotel architecture within the site of Agios Kosmas Marina and a second five-star luxury beachfront hotel along the seafront. Both hotels will be flanked by residential complexes. It is noted that, according to the design of Lamda Development, in the Marina will be developed a shopping area with luxury shops, restaurants and entertainment.

The total investment for the creation of the two hotels with the respective tourist-residential complexes amounts to 300 million euros.

The development of the units, which is subject to, inter alia, the acquisition of Hellenic SA. by Lamda Development, will be done through two special purpose companies, in the share capital of which the groups of TEMES and Lamda Development will participate, at a rate of 70% and 30% respectively. The design of the units will be outsourced to leading international architectural firms, while their management will be outsourced to internationally renowned management companies (hotel operators).