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Hyatt buys up stake in Lampsa

Greek firm Lampsa, owner of Athens` Grande Bretagne hotel, recently announced that the Hyatt<.> Regency has acquired…

Greek firm Lampsa, owner of Athens` Grande Bretagne hotel, recently announced that the Hyatt<.> Regency has acquired 15 percent of its share capital via the Athen Stock Exchange and intends purchasing more at prices it considers reasonable and commercially viable. The latest development is expected to prompt a major shakeup in Lampsa`s management.

At the firm`s general meeting last month shareholders learnt that four offshore companies belonging to the Ioannou-Paraskevaidis group, proprietor of the Athenaeum Intercontinental, and the David-Leventis group owned five percent of Lampsa`s stock.

A few days later plans were announced for the merging of Lampsa and the firm Athineon, operators of the Intercontinental.

In a statement Hyatt said that the stock purchase was conducted at a time and price which shareholders considered advantageous and is aimed at further developing Lampsa.

During Hyatt`s annual shareholders meeting last week, however, it was announced that the firm intended to utilise the entire Grande Bretagne property and assure its future success.

Speaking on the 15 percent equity acquisition, Hyatt`s chairman and director George Galanakis emphasised that there is significant potential for development of the property.

In addition, Hyatt`s annual report for the 1999 financial year was approved. Last year, the firm`s turnover totalled 44.3 billion drachmas, representing an increase of 23.3 percent compared to 1998. Pre-tax profits rose by 79.4 percent to 11.3 billion drachmas. This year Hyatt expects turnover to reach 49.4 billion drachmas and a profit of 14 billion drachmas.

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