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.