Mandarin Oriental Hotel Group has decided to enter the fast growing Greek luxury tourism market. Following the opening of the Mandarin Oriental, Costa Navarino later this year, TEMES has agreed to take over the management of one of two luxury hotels to be built by the Konstantakopoulos Group in Greekin a joint venture with Lamda Development.

The new complex in Elliniko is scheduled to open in 2027 and will become one of the most iconic hotels in Europe.

The new Mandarin Oriental, Athens will be developed on an 80-acre beachfront site, which is designed to include a 123-room 5-star hotel, large open spaces and fine dining and entertainment options by the sea. , a luxury beach club and health club with leisure, fitness and beauty facilities.

At the same time, a residential complex of 17 branded luxury houses and apartments (branded residences) with a sea view will be built around the perimeter of the hotel. Said development will be located adjacent to a waterfront residential area of ​​ultra-luxury residences (The Cove Villas and The Cove Residences).

BELTriviera, which is 70% controlled by TEMES, the Konstantakopoulos interest group, and 30% by Lamda Elliniko, began acquiring the 80 acres on which the hotel will be built earlier this year. This is the acquisition of 100% full ownership of an object with an area of ​​80,011 sq.m. in the building area “PM-A2” of the metropolitan pole of Ellinikon – Agios Kosmas.

The total purchase price for the land on which the hotel and residences will be built is approximately $38.3 million, which includes the cost of acquiring the property (approximately $22.3 million) and participation in related Metropolitan infrastructure costs. Pole, worth about 16 million, and paid in installments. The first installment of about 12.8 million plus taxes was paid with the signing of the agreement in early March.

As a reminder, the TEMES-Lamda joint venture has developed another ultra-luxury hotel in the Hellinikon waterfront, on another 120-acre property it also acquired two months ago. The total investment for the two hotels is expected to exceed $300 million.

Mandarin Oriental Hotel Group owns and operates some of the most luxurious hotels, resorts and residences in the world. Starting in Asia in the mid-19th century, it has grown into a global brand with 36 hotels and 8 residences in 24 countries. Two-thirds of these hotels are wholly or partly owned by the Mandarin Oriental Hotel Group.

Mandarin Oriental has a significant number of hotels and residences under construction and is a member of the Jardine Matheson Group, a multidisciplinary interest group owned by the Scottish Keswick family with roots in the Far East as far back as 1855. Jardine Matheson’s turnover exceeds $100 billion.

James Riley, CEO of Mandarin Oriental Hotel Group, said: “We are delighted to be working with TEMES and Lamda Development on this project. With this location and our unique services, I am confident that Mandarin Oriental, Athens will become a first-class hospitality destination for visitors and residents of Athens.”

Achilleas V. Constantakopoulos, President of TEMES SA, said: “We are very pleased with the progress of our strategic collaboration with Lamda Development and are very proud to welcome this leading brand together on the Athens Riviera.”