Historic Hotel Grande Bretagne, Athens, Greece Will Undergo $57 Million Renovation
Starwood Will Continue to Manage 364-Room Hotel After Signing New 25-Year Management Contract with Lampsa, S.A.
WHITE PLAINS, N.Y. - A new management contract has been signed between Lampsa Greek Hotels Company and CIGA Hotels Greece, a subsidiary of Starwood Hotels & Resorts Worldwide
In connection with the new management agreement, Lampsa will begin a massive refurbishment and renovation program to start by December 31, 2001, at which time the hotel will close. Renovations and refurbishments are to be completed in time for the hotel to re-open in early 2003.
"Starwood Hotels and Resorts is extremely proud to have won the right to continue to manage this magnificent hotel," said Roeland Vos, President Europe, Africa and Middle East for Starwood. "We are absolutely convinced that the renovation and refurbishment program which we are about to embark upon with Lampsa, will restore the Grande Bretagne to its original splendor as Athen's most luxurious and prestigious hotel."
George Galanakis, Chairman and Managing Director of Hyatt Greece, S.A., the largest shareholder in Lampsa, added, "Starwood was selected after an international search for an operator. Given their experience and global network of luxury operations, and their willingness to make a significant investment in the project, Starwood was selected by the Board of Lampsa to lead this hotel back to its former glory. We are sure that together, we will create the best hotel not only in Athens, but also in Greece. We believe that the Grande Bretagne will be a hotel which the people of Athens will be very proud to have represent the country as its luxury host to the international celebrities and world leaders who will descend on Athens for the 2004 Olympics."
Galanakis added, "Despite the present difficulties of the industry, Lampsa's decision to commit significant funds in the proposed renovation of this historic landmark property, indicates its confidence in the future of tourism in Greece in general and the city of Athens in particular."
The historic Hotel Grande Bretagne is currently a 364-room landmark property located at Constitution Square, in the heart of Athens. Upon re-opening after the renovation, the hotel will be fully restored to its former glory, with 320 rooms including 35 suites and feature newly created areas such as a approximately 4,450 square foot ballroom, a health club and spa with an indoor pool along with a rooftop swimming pool, sun deck and restaurant overlooking the famed Acropolis.
Lampsa is a public Greek company that has owned the Grande Bretagne since 1874. Lampsa is traded on the Athens stock exchange under the symbol LAMPS.
Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with 750 properties in more than 80 countries and 110,000 employees at its owned and managed properties. With internationally renowned brands, Starwood is a fully integrated owner, operator and franchiser of hotels and resorts including: St. Regis, The Luxury Collection, Sheraton, Westin, Four Points by Sheraton, W brands, as well as Starwood Vacation Ownership, Inc., one of the premier developers and operators of high quality vacation interval ownership resorts. For more information, please visit
Hyatt Regency Hotels & Tourism (Thessaloniki) S.A., the controlling shareholder of Lampsa, S.A., is a publicly traded company on the Athens Stock Exchange, which also owns the Hyatt Regency Thessaloniki Hotel and Regency Casino.