ATHENS — Lamda Development S.A. and TEMES S.A. on Friday announced the signing of a strategic agreement for the joint development of two state-of-the-art luxury hotels and residential complexes on the costal front of the landmark Hellenikon project, during the first five-year phase of the project. The partnership will realise a commonly shared vision to further establish Athens as a top world-class tourism destination and place the Athens Riviera on the world tourism map, the announcement said.
The strategic agreement envisages the development of a five-star hotel with distinctive architecture at the Agios Kosmas Marina, as well as a second beachfront five-star luxury hotel on the coastal front. Both hotels will be accompanied by branded residences. According to Lamda Development’s plan, a commercial zone consisting of high-end retail, dining and entertainment venues will also be developed at Agios Kosmas Marina.
The overall investment for the development of the two hotels and the respective branded residences is estimated to reach 300 million euros.
The development of the two complexes, subject to, inter alia, the acquisition of Hellenikon SA by Lamda Development, will be carried out by two special purpose vehicles (SPVs), in which TEMES and Lamda Development will hold a stake of 70 pct and 30 pct, respectively. The design of the units will be assigned to globally renowned architecture firms, whilst the operation of the hotels will be entrusted to world leading hotel operators.
“It’s a great pleasure and honour to join forces with Lamda Development, a leader in real estate development in Greece, and become part of the country’s biggest urban development project. We both share the same values of sustainable development and growth. Our goal is to contribute, alongside other important investments in the area, into placing the Hellenikon and the Athens Riviera as one of Europe’s top destinations, whilst creating value for the society, our partners and our shareholders,” the Chairman of TEMES’ BoD, Mr. Achilleas V. Constantakopoulos, said.
“The Hellenikon is a one-of-a-kind, world-class project, and a symbol of our country’s transition into a new era. In this ‘journey’ we want to work with the best in each sector, therefore we are proud to have TEMES as a partner, a leading company with unique know-how in the development and operation of luxury tourism, residential, hotel complexes and destinations, basing their tourism development model on sustainability, respect for the environment, as well creating a positive imprint in the communities in which they operate,” the CEO of Lamda Development, Mr. Odisseas Athanasiou, noted.