TEMES of Costa Navarino buys out Hilton Hotel from Turkish group
TEMES, a premier destination developer and part of the Constantakopoulos Group, announced today the acquisition of the Hilton Hotel from the Turkish investment group Dogus.
TEMES, the owner of high-end tourism resort Costa Navarino in the Peloponnese, said in the announcement it had reached an agreement to increase its stake to 51%, acquiring control of Ionian Hotels and Enterprises SA while the 49% was taken over by a company affiliated with the Olayan Group, a shareholder of TEMES.
This percentage was previously held by D Hospitality B.V., a subsidiary of Turkish Dogus Group.
Although the Turkish group has repeatedly stressed that its holdings in Greece (Hilton Athens, Asteras Vouliagmenis and marinas) would be the last acquisitions it would liquidate, it is now being forced – under the burden of debt obligations and pressure from creditor banks – to liquidate its stake in Hilton Athens.
The conclusion of the agreement is subject to the approval by the Hellenic Competition Commission.
You may be interested
PM Mitsotakis cites Greek Constitution to back mandatory vaccinationsmakis - Jul 23, 2021
Prime Minister Kyriakos Mitsotakis cited the Greek Constitution in response to those opposing mandatory Covid-19 vaccination during his meeting with…
Who Has Spent The Most Time In Space? (infographic)Panos - Jul 22, 2021
As Russia celebrates 60 years since Yuri Gagain became the first person to orbit the Earth, the state of space travel looks…
What Do Americans Think Of Famous Billionaires? (infographic)Panos - Jul 22, 2021
Hot on the heels of fellow billionaire Richard Branson, Amazon founder Jeff Bezos is set to blast into space. He…