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Merging of two grand hotels

The Hyatt<.> group and the Latsis-owned Eurobank are close to finalising an agreement for the merging of two great Athens hotels…

The Hyatt<.> group and the Latsis-owned Eurobank are close to finalising an agreement for the merging of two great Athens hotels – the Grande Bretagne and the King George.

According to a report in the weekly paper Symvoulos Chrimatistiriou (stock exchange adviser), the two groups have agreed on a basic framework of cooperation while details will be ironed out in an upcoming meeting.

Eurobank plans to add the King George to the Lampsa stable and buy shares in the latter as well as launch a share capital increase of between 15 and 20 billion drachmas. If negotiations prove successful, the two hotels will be fully renovated and later be utilised as a single property.

The cost of upgrading the two units is estimated at 28 billion drachmas and should be completed in a short period of time. Both sides aim to boost Lampsa's profits in 2001 and hope the figure reaches 5 billion drachmas next year.

It is anticipated that rates will rise at the two hotels considering that their services will be of a luxury standard.

It is expected that the question of Starwood's contract for the management of Grande Bretagne will be addressed soon in light of the fact that Hyatt and Starwood share close relations on an international level.

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