Lamda signs agreement with TEMES on luxury Elliniko hotels

Lamda Development on Monday announced the signing of two strategic cooperation agreements with TEMES SA for the joint development of two state-of-the-art, luxury 5-star hotels and the corresponding branded residences on the coastal front of Elliniko, in southern Athens, with a construction completion horizon of these developments at the end of 2026. 

More specifically, the agreement is between Belt Riviera SA and Hellinikon SMSA (the company’s 100% subsidiary) and concerns the purchase by the former of 100% of the freehold rights of a property with an area of 80,011 square meters in development zone “CF-D2” of the Metropolitan Pole Elliniko-Agios Kosmas. 

Here, according to the initial plan, the following will be developed: a five-star hotel with 160 keys, large outdoor spaces and high-end dining and entertainment outlets by the sea, a luxury beach club, a health club with recreation, fitness and beauty facilities, as well as a residential complex of 17 luxury branded homes/apartments with unobstructed views to the sea. 

The above development will be located adjacent to the prime beachfront residential zone of ultra-luxury residences (The Cove Villas and The Cove Residences). 

The total transaction consideration is payable in instalments and amounts to approximately 38.3 million euros, consisting of the purchase price of the property of approximately €22.3 million, as well as the allocated infrastructure costs of the Metropolitan Pole of approximately €16 million. 

The first instalment of the consideration of approximately €12.8 million, plus relevant taxes, was paid at the signing of the agreement. Belt Riviera SA is controlled 70% by TEMES SA and 30% by Hellinikon SMSA.