{HBR_LEAD_468x60.media}

Business & Finance

Four Seasons and Astir Palace Vouliagmeni to Transform Legendary Astir Palace into First Four Seasons Hotel in Greece

TORONTO, CA. September 7, 2017 - Four Seasons Hotels and Resorts, the world's leading luxury hospitality company, and Astir Palace Vouliagmeni S.A., the Greek hospitality market leader, have announced plans to bring the first Four Seasons hotel to Greece on the Astir Palace peninsula. Following extensive upgrades to the existing hotel, the new hotel will debut as Four Seasons Astir Palace Hotel Athens in spring 2018.

Conveniently located 25 kilometres (16 miles) south of Athens and 24 kilometres (15 miles) from the Athens airport in the area of Vouliagmeni along a pristine shoreline of the Aegean coast, the new Hotel will bring Four Seasons signature service to Greece for the first time. The iconic Astir Palace has long been favoured by elite international and Greek clientele. In addition to the Hotel, the peninsula, stretched across 30 hectares (75 acres) of pine-dotted and scenic landscaped gardens, also comprises upscale retail and dining options, including Matsuhisa Athens by Nobu; Astir Beach, a unique seaside concept; Astir Marina; and high-end seafront residences.

"Astir Palace has always been a landmark destination of international stature, located in the Athenian Riviera, one of the most coveted areas in Greece," says Stelios Koutsivitis, CEO, Astir Palace Vouliagmeni S.A. "We are strongly committed to embrace its legacy and elevate Astir Palace to a world-class premium destination. Our redevelopment plan includes the Hotel's complete renovation, a significant upgrade of Astir Marina, the advancement of Astir Beach, the development of up to 13 high-end residences, and the creation of Peninsula Park. We are excited to work closely with Four Seasons, the world's foremost hotel company, on one of the key areas of our redevelopment plan, the upgrade and the management of the Hotel, and set a new benchmark for luxury hospitality in the country."

"As one of Europe's most popular travel destinations, Greece has long been an area of interest for Four Seasons and we are pleased to mark our entry into this important market in partnership with Astir Palace Vouliagmeni S.A.," says J. Allen Smith, President and CEO, Four Seasons Hotels and Resorts. "The Hotel's location offers a unique combination of seaside tranquillity and easy accessibility to Athens city centre, making it an ideal destination for leisure and business travellers year round. We look forward to working with Astir Palace to introduce Four Seasons to Greece, creating a world-class hospitality experience characterised by product of the highest calibre and customised Four Seasons service."

In preparation for the Hotel's rebirth as the new Four Seasons Astir Palace Hotel Athens, more than EUR 100 million is being invested into refurbishing its facilities. Features will include approximately 300 rooms, suites and luxury bungalows; spa and recreational facilities; state of art conference and event spaces; infinity pools; beaches; a unique beachfront promenade; and more. With interiors designed by Meyer Davis Studio, the concept draws heavily on inspiration from the beauty of the surrounding environment and local culture, embodying a contemporary yet timeless luxury design ethos with unique attention to detail, and establishes a connection to the property's history. Select food and beverage outlets, conceived by Martin Brudnizki Design Studio, will introduce new culinary dining concepts of local and international cuisines.

About Astir Palace Vouliagmeni S.A.

Astir Palace Vouliagmeni S.A. ("Astir Palace") is a hospitality market leader with a history of over 50 years during which it became a world renowned luxury destination. The company is currently undergoing a major redevelopment of its portfolio, including the re-launch of the hotel as the Four Seasons Astir Palace Hotel Athens, the upgrade of Astir Marina and Astir Beach, the development of up to 13 high-end residences and the creation of the Peninsula Park. The company was acquired by Jermyn Street Real Estate Fund IV LP ("Jermyn Street") in October 2016 in a transaction that valued Astir's share capital at EUR 444 million. Jermyn Street, advised by London-based AGC Equity Partners, is an investment fund whose investors comprise two sovereign state funds from Abu Dhabi and Kuwait, other Arab investors and the Turkish Dogus Group.

About Four Seasons Hotels and Resorts

Founded in 1960, Four Seasons Hotels and Resorts is dedicated to perfecting the travel experience through continual innovation and the highest standards of hospitality. Currently operating 106 hotels, resorts and residences in major city centres and resort destinations in 44 countries, and with more than 50 projects under planning or development, Four Seasons consistently ranks among the world's best hotels and most prestigious brands in reader polls, traveller reviews and industry awards. For more information and reservations, visit fourseasons.com. For the latest news, visit press.fourseasons.com and follow @FourSeasonsPR on Twitter.

Contact:
Laura Schlecht
lschlecht@hlgrp.com
646-460-8922

Coming Up In The December Online Hotel Business Review




{300x250.media}
Feature Focus
Hotel Law: Issues & Events
There is not a single area of a hotelís operation that isnít touched by some aspect of the law. Hotels and management companies employ an army of lawyers to advise and, if necessary, litigate issues which arise in the course of conducting their business. These lawyers typically specialize in specific areas of the law Ė real estate, construction, development, leasing, liability, franchising, food & beverage, human resources, environmental, insurance, taxes and more. In addition, issues and events can occur within the industry that have a major impact on the whole, and can spur further legal activity. One event which is certain to cause repercussions is Marriott Internationalís acquisition of Starwood Hotels and Resorts Worldwide. This newly combined company is now the largest hotel company in the world, encompassing 30 hotel brands, 5,500 hotels under management, and 1.1 million hotel rooms worldwide. In the hospitality industry, scale is particularly important Ė the most profitable companies are those with the most rooms in the most locations. As a result, this mega- transaction is likely to provoke an increase in Mergers & Acquisitions industry-wide. Many experts believe other larger hotel companies will now join forces with smaller operators to avoid being outpaced in the market. Companies that had not previously considered consolidation are now more likely to do so. Another legal issue facing the industry is the regulation of alternative lodging companies such as Airbnb and other firms that offer private, short-term rentals. Cities like San Francisco, Los Angeles and Santa Monica are at the forefront of efforts to legalize and control short-term rentals. However, those cities are finding itís much easier to adopt regulations on short-term rentals than it is to actually enforce them. The December issue of Hotel Business Review will examine these and other critical issues pertaining to hotel law and how some companies are adapting to them.