Greece will put up for sale the famous resort near Athens
National Bank of Greece plans to sell luxury resort Astir Palace, where for more than half a century hosted world leaders and film stars. Attempt to sell such a large object will be a serious test for the country mired in crisis .
Astir Palace with an area of 307 m2 is located on the coast of Saronic Gulf often referred to as the “Athenian Riviera” because of its proximity to the capital. This is one of the most popular tourist areas of Greece.
National Bank of Greece, together with the privatization Fund, which owns part of the subject, expose Astir Palace up for auction in the coming months. According to Aristotle Karytinos, General Manager of real estate Department of the Bank, the resort has managed to attract the attention of investors.
“The asset, as Astir, the best of its kind, it is unique. While continues to decline. the whole world will be watching the developments in Greece and will be considered risky to invest in the local property until the situation becomes clearer, whether buying in dollars, euros or drachmas,” says Mike Braunholtz, a realtor, a British company Prestige Property Group, dedicated to the promotion of Astir Palace.
Since 2003, the Astir Palace Hotel company, which owns the resort, every year suffered heavy losses, has accumulated a debt of 20.7 million euros. Butafter the opinion of Karytinos, the lack of competitiveness of the firm is irrelevant to the value of the property. The market value of the company is estimated at 166 million euros. Given the cost of land, partially owned by the government, the sale price can be increased several times.
Since opening in 1960, Astir Palace hosted many distinguished guests, which included Jackie Onassis, Nelson Mandela, Tony Blair, Jane Fonda and Frank Sinatra. Twice — in 1993 and 2009 the hotel became the venue of the conference the members of the Bilderberg group, members of which are elected by European and American politicians and businessmen.
By 2020, the Greek government plans to sell many state assets for a total amount of 50 billion euros. This was one of the conditions for granting financial assistance from the “Troika”. Thus the country hopes to overcome its debt crisis.