Lamda Development S.A. and TEMES S.A. announced their strategic agreement for the joint development of two state of the art, luxury hotels and residential complexes on the costal front of the Elliniko project, during the first five year phase of the project. The partnership will bring to life a commonly shared vision to further establish Athens as a top world-class tourism destination and place the Athens Riviera on the world tourism map.
The strategic agreement envisages the development of a 5-star hotel of distinct architecture at the Agios Kosmas Marina, as well as a second beach front 5-star luxury hotel along the coastal front. Both hotels will be accompanied by branded residences. According to Lamda Development’s plan, a commercial zone consisting of high-end retail, dining and entertainment venues will also be developed at Agios Kosmas Marina.
The overall investment for the development of the two hotels and the respective branded residences is estimated to reach €300 m.
The development of the two complexes will be carried out by two SPVs, in which TEMES and Lamda Development will hold a stake of 70% and 30% respectively. The design of the units will be assigned to globally renowned architecture firms, whilst the operation of the hotels will be entrusted to world leading hotel operators.
Original Source: Proto Thema
Adaptation/Summary: Kiki Athanasiadis