By L. Karageorgos
[email protected]
Real estate developer Grivalia Properties’ Luxembourg-based hotel subsidiary (Grivalia Hospitality) on Wednesday announced its intent to commercially exploit the Asteria property in coastal southeast Glyfada district, part of what’s being increasingly billed as the “Athens Riviera”.
A binding pre-contractual agreement calls for the purchase of 80 percent of the Nafsika S.A. company which holds the long-term lease on the property via the National Bank of Greece. The Asteria property’s ownership has been transferred to the newly created and memorandum-mandated Public Properties Co. S.A.
The name Asteria – Greek for “stars” – is the same as a one-time luxury hotel that once stood on the site. Grivalia’s intent, according to its plan, is to again construct a five-star resort at the same location.
