Bloomberg News Agency reported today that Alpha Bank will soon announce the agreement for the sale of Athens’s Hilton Hotel, currently the property of Ionian Hotel Enterprises, an Alpha Bank subsidiary. According to Bloomberg, Oaktree Capital Group LLC and Jermyn Street Real Estate Fund have expressed interest in the hotel’s acquisition. Alpha Bank plans to sell the property for 180 million euros. Oaktree Capital Group LLC and Jermyn Street Real Estate Fund have made investments in the Greek tourism industry in the past. Relatedly, rumors of the sale of the Alpha Bank subsidiary Ionian Hotel Enterprises that manages the Athens Hilton to Greek-American businessman John Catsimatides have again surfaced. The issue first emerged a few months ago. According to sofokleous.gr, quoting “reliable sources,” the sale of the Hilton by Alpha Bank to Greek-American businessman John Catsimatidis was a finished deal. The discussions had been completed and the price had been agreed upon. The sale price was reportedly higher than market value, meaning that Alpha Bank would register in the black from the sale of shares held in Ionian Hotel Enterprises. Today, the market capitalization of the company stands at 93 million; by the beginning of 2015, it will stand at over 100 million. According to the financial site: “A decline in the registered price, according to the same sources, falls under an agreement since the bank should not be seen selling at a large discount.” Turnover for the Hilton stood at 26.1 million euros versus 23.4 million in 2012, posting revenue growth in all key sectors despite the ongoing downturn in the domestic market and the decline in consumer spending that continues to negatively affect service sector revenues.
 |
| READ THE ORIGINAL POST AT greece.greekreporter.com |
