In such a context, and in accordance with an agreement that was signed on January 5th, 2001, Grecotel is now obligated to bring the King George Hotel to its forgotten glory as well as give a new facelift by the Athens 2004 Olympic Games.
It needs to be noted that the King George Hotel fell into the hands of the EFG Eurobank Ergasias group following a merger with the Bank of Crete in 1995. The hotel at the time belonged to the Hotels of Greece group (or Xenodoheia Tis Ellados) which was owned by Socratis Kalkani and had debts running to the tune of at least 2,5 billion drachmas.
It has been closed since 1998 and offers 141 rooms. Following a new facelift it will offer less rooms, more luxurious suites as well as all other amenities.
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