Goldman Sachs Asset Management has acquired three new hotels in Halkidiki, in northern Greece. Specifically, at the beginning of this week, the financial closure of the sale transaction of the hotels Athos Palace, Pallini Beach, and Theophano Imperial was completed. These properties were previously owned by the Grigoriadis family (G Hotels).

The investment plan, with a budget of €107.6 million, envisions the redevelopment of the Kalithea hotel complex, spanning 158 acres with an 850-meter beachfront. The goal is to reposition the newly acquired hotels Athos Palace, Pallini Beach, and Theophano Imperial on the Greek tourism map through the development of a high-end resort. Among other features, the resort will incorporate hotel facilities, standalone apartments – bungalows, and comprehensive dining, spa, and entertainment services.

Regarding the 20-acre forested area on the northeastern side of the complex, the plan focuses on creating parks and recreational spaces, worship areas, an amphitheater, and a children’s playground. The investment project is expected to employ over 500 workers annually, both full-time and part-time.