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Should we bid to buy this integrated resort in Greece?

The client

A privately owned, international real estate firm that has provided the highest level of quality, service and value to its clients and investors for more than 50 years. It has developed more than 259 million square feet (24 million square meters) in more than 800 properties worldwide.

What did Hotel Solutions Partnership achieve for the client?

Together with our partner, 8G Capital Partners Ltd, we assisted the client to make a decision as to whether to place an Expression of Interest in the privatization of Astir Palace.


The National Bank of Greece and the Hellenic Republic Asset Development Fund own the Astir Palace, a unique hotel complex located just half an hour away from the centre of Athens and the Acropolis. An international public tender was issued early 2013.

A hot bidding contest was expected with at least 20 groups having expressed interest from places as far away as Middle East, China and the U.S.

Consultants: We partnered with our strategic alliance partner 8GCP and assigned Katrina Craig, Duncan MacArthur, Ewa Kossakowska to the joint team.

Project objective

Outline the optimum concept to form the basis of an initial investment appraisal.

Project scope

The 120,000 square-meter (1.3 million square-foot) complex includes three hotels, private beaches and 58 bungalows on the Vouliagmeni peninsula 25 kilometres (16 miles) from Venizelos International Airport.


8GCP assembled a team of six people of whom three came from Hotel Solutions Partnership.

Working with the professionals at 8GCP, we were asked in a two week period to evaluate the current mix of hotel, residential, retail and marina facilities and consider options that might bring greater value to a new buyer. Our work was limited to desk research on the current and future market looking at different segments of demand, seasonality, supply issues, operating performance of competitive hotels. After a short informal site visit, we developed a summarised SWOT analysis, put forward a number of potential operating concepts of which one was recommended.

Having discussed this with the client, we were asked to consider what would be involved in moving from today’s operating model to the recommended model and the timeframes that might be involved. We were asked to specifically comment upon the current practice of closing some of the resort for several weeks in the winter period.