Facelift for Athens`President hotel

Athens` President<.> hotel is set to undergo a full refurbishment following moves by the establishment`s operator GEKE AE Hotel and Tourism Enterprises to increase its share capital.

Another of the firm`s main aims is to buy out existing hotels and build new units in Attica.

GEKE AE, whose main shareholder is Piraeus Bank, is set to distribute 1,683,750 shares at 4,000 drachmas each through which it hopes to raise 6.7 billion drachmas in share capital. Part of the funds will go towards the renovation of the President, which is due to begin within the second half of 2000.

Theodore Koumelis

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