Lamda Development proceeded with the establishment of Ellinikon Hospitality Investments, as a subsidiary of Elliniko SA, also participating in two tourist projects on the beach front at the former airport.
In particular, Ellinikon Hospitality contributed its ownership shares in the companies BELT Riviera and MALT Riviera. Lamda holds 30% and TEMES of the Konstantakopoulos Group holds 70%, in the two aforementioned companies.
The total value of the luxury tourist investments planned by TEMES and Lamda is estimated, based on the latest report regarding construction costs, at 0.5 billion euros (land value and construction). This is the first cooperation agreement in Elliniko that was announced (in 2020) and initially there was talk of a total investment of 300 million euros.
BELT Riviera has acquired full ownership of a property with an area of 80,011 sq.m. in the “PM-A2” Development Zone of the Metropolitan Pole Hellinikon – Agios Kosmas, in which a 5-star hotel with 123 rooms and suites, as well as 17 branded luxury residences will be developed. They will be located next to the privileged coastal residential zone of ultra-luxurious residences (The Cove Villas and The Cove Residences).
BELT Riviera recently signed an agreement with Mandarin Oriental Hotel Group for tourism development.
MALT Riviera owns the surface right on a property of 132,821 sq.m. in the “PM-A1” Development Zone, where a 5-star hotel with 200 rooms and a residential complex of 49 branded houses – apartments will be developed. They will be located next to the upgraded Agios Kosmas Marina and a short distance from the Riviera Galleria and the iconic Riviera Tower residential high-rise.
Ellinikon Hospitality Investments has a wide scope (investment company services, construction work for residential buildings, financial leasing services, purchase and sale of privately owned real estate, among others) however, it is estimated that Lamda mainly aims at optimal cash flow management, while other projects may be included in the future.
