Reuters: Five-star Hilton Athens up for sale

Alpha Bank, which holds 97.3 percent of IHE, wants to receive expressions of interest by March 11

Greece’s Alpha Bank SA has launched a process to sell Athens-listed Ionian Hotel Enterprises (IHEr.AT), owner of the five-star Hilton Athens, Reuters reports citing a source familiar with the matter.

Alpha Bank, which holds 97.3 percent of IHE, wants to receive expressions of interest by a deadline of March 11.

According to the source, Citi is advising Alpha Bank on the sale.

The Greek bank is aiming to further strengthen its capital base with the share sale, which is valued at about 106 million euros based on its last closing price of 8.13 euros.

Citi’s head of Greece and Cyprus investment banking, Theodoros Giatrakos, is leading negotiations with interested parties.