Procopiou-owned company acquires stake in Astir Palace’s holder

A corporate entity owned by George Procopiou, one of Greece’s leading shipowners, has spent about 150 million euros on acquiring a third of the shares of the Apollo Investment Holdco SA company that controls the emblematic Astir Palace resort at Vouliagmeni, southern Athens.

The transaction was completed three weeks ago, the seller apparently being Turkey’s Dogus group, controlled by Ferit Sahenk, that owned a 33.75% stake.

The two hotels at the resort are managed by Four Seasons. Their combined capacity of 303 rooms means an average cost of €1.5 million per room, one of the highest in the world.