TEMES Group adds to Elliniko's luxury

The TEMES Group, which belongs to the Konstantakopoulos family, has acquired majority stakes in two companies that are to develop two seafront hotel units and an extensive residential project on the site of the former Athens airport at Elliniko, following an agreement with Elliniko developer Lamda Development announced on Friday.

TEMES will acquire the hotel on the marina and the hotel complex near the luxurious housing development. The latter two projects will be developed by one company while the marina hotel will be developed by another. TEMES will have a 70% stake in both companies, while Lamda will have 30%. The total investment is estimated at 300 million euros.

The hotel and residential complexes will be built by construction companies that the company will select, while a study is beginning to establish the standards the residential development will have for...