JERMYN STREET ACQUIRES ATHENS RESORT FROM GREEK GOVERNMENT

Jermyn Street Real Estate Fund has acquired the Westin Astir Palace Resort, 25 km from Athens city centre in Greece, from Greece’s privatization agency for €400 million (approximately €1.2 million per key). The resort, which is set over 74 acres on a private peninsula, includes two hotels: the Westin Athens, with 162 sea view rooms, and the Arion, A Luxury Collection Resort & Spa, with 123 rooms and 58 newly renovated bungalows. The sale of the resort was blocked by Greek courts last year, as initial plans for the site included developing new residences on the site; however, amended plans now mean that the new owner of the site will reportedly develop two new hotels to replace the existing units and a number of luxury villas and upgrade the marina.

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