Temes, Costa Navarino owner, acquired Hilton Athens Hotel from Turkish Dogus Group
Temes SA, a leading business conglomerate in luxury tourism and real estate industry acquired on Friday the majority stake of Ionian Hotel Enterprises SA. Temes is currently owned by the family of Achilleas Konstantakopoulos, the current proprietor of Costa Navarino – the most renowned tourism resort complex in Greece. Ionian Hotel Enterprises was the majority bond-holder behind the renowned Hilton Athens Hotel.
Temes acquired the 51% stake of Ionian Hotel Enterprises while the remaining 49% will remain at the hands of Temes affiliate, the Olayan Group. Established in 1947, the Olayan Group possesses a portfolio of commercial and industrial investment projects scattered around the countries of the Middle East. The 51% stake in the Ionian Hotel Enterprises was acquired by Temes from the former business partner, D-Marine Investments Holding BV. D-Marine Investments is a subsidiary company of the Turkish Dogus Holding. The partnership had acquired the hotel through a tender process from Alpha Bank in 2016, in a deal which reached €142 million. The sale of D-Marine Investments Holding shares took place at a time when the Turkish conglomerate is under pressure by financial institutions to settle outstanding loan debts exceeding €725 million.
Transaction details will be reviewed in the coming days by the Hellenic Competition Commission. Hilton Athens is expected to incorporate from Temes Group part of the dynamism that constituted Costa Navarino a leading resort in the Eastern Mediterranean world. Temes seeks to upgrade the outreach of Hilton Athens Hotel both domestically and internationally – constituting Athens as a unique travel destination. Temes action plan envisages the development of serviced apartments, state-of-art food and beverage venues, modern retail services and lifestyle activities. Temes is expected to carry on with the Hilton brand in its newly acquired Athens Hotel, as its predecessor renewed in November 2018 the operating licence with Hilton Worldwide Group.