Athens' Astir Palace resort sells to Middle East fund

According to reports, the sale of the Astir Palace resort complex just outside of Athens, Greece, will be finalized today. The property, which includes two hotels Arion, a Luxury Collection Resort & Spa and The Westin Athens, is being purchased for €400 million by a property fund called Jermyn Street. The fund includes investors from Saudi Arabia, Kuwait and Turkey.

The sale, according to Pappas Post, is part of Greece’s privatization plan to "pay down debt and clean up the balance sheets of its bailed-out banks." The National Bank of Greece is the biggest stakeholder of the property and will get €300 million from the sale, with the remaining €100 million directly to Greek government coffers.

An earlier attempt to sell the property was blocked by Greece’s State Council in March, citing investors’ plans to build a large number of residential buildings on the property. The new owners’ plans include two six-star hotels to replace the Arion and Westin units.