This page has been archived and commenting is disabled.

Greece Puts Bilderbergs' Favorite Resort For Sale

Tyler Durden's picture




 

Looks like the long-anticipated E-bay auction for Santorini may be closer than expected: in the aftermath of Greece's now absolutely bankrupt status, whereby the comatose patient is kept alive only thanks to a Made in Germany ventilator, it was only a matter of time before the country started with the Blue light special firesales. Sure enough from Bloomberg: "National Bank of Greece SA is preparing to sell an Athenian Riviera resort, visited by world leaders and movie stars for more than half a century, in a test of the country’s ability to sell assets amid concern that it will leave the euro. The 3.3 million-square-foot Astir Palace complex has already drawn investors’ interest, according to Aristotelis Karytinos, general manager of real estate at the lender. The Athens-based bank and Greece’s privatization fund, which owns part of the property, will put out a public tender in coming months, he said." Why is the Astir Palace unique? "Since its opening in 1960, the resort’s guests have included Jackie Onassis, Nelson Mandela, Tony Blair, Jane Fonda and Frank Sinatra, according to the resort’s website. Astir Palace in 1993 and 2009 hosted the Bilderberg conference." Something tells us we know just where the winning bid for the last remaining Greek assets may come from.

What is surprising is that Greece has only now figured out that real estate is the only legalized form of money laundering: why look at the US, where the NAR is the only organization exempt from conducting anti-money laundering checks for foreign buyers. After all, those $100 million New York duplex penthouses won't sell themselves to Russian oligarchs by themselves.

As for Greece:

“Astir is a trophy asset and we want to get the best from it,” Karytinos said in an interview in Athens.

 

Foreign funds with holdings in stronger currencies such as the dollar or the Swiss franc have positioned themselves for Greece’s return to the drachma, according to Ioannis Kaligiannakis, a senior appraiser at real estate consulting firm Colliers International in Athens. “They are already here,” Kaligiannakis said before the election results.

 

Astir Palace Hotel SA (ASTIR), the public company that owns the resort, has a market value of 166 million euros. By including the underlying land, partly owned by the Greek state, the sale may fetch multiples of that, according to Andreas Taprantzis, head of real estate for the state fund.

 

National Bank of Greece (TELL), the country’s biggest lender, reported a first-quarter loss of 537 million euros and a core tier one capital ratio of 6.4, below a 10 percent target required by September. It holds 85 percent of Astir Palace Hotel.

 

The bank also owns a 188,000 square-meter plot where two hotels and 58 bungalows are located. It leases another 112,000 square-meter parcel, site of the shuttered Aphrodite hotel, owned by the Greek state.

 

Selling the Astir Palace land may be a departure from Greece’s policy of not selling state-owned property outright, and so-called freehold sales could generate interest in Greek assets that had been passed over because they were only offered for lease, according to Perrotis of CBRE Atria.

The firesales are just beginning:

“It seems that so far offering long-term leases hasn’t been effective and that the market has given its message to the Greek Republic’s fund,” Perrotis said in a June 6 interview in Athens. “Now the state is seeing that the interest expressed is for outright sales and the fund may have to adjust.”

 

Taprantzis said the sale of Astir Palace is an exception because the bank is in a position to force the fund to sell.

 

“We are in a prisoner’s dilemma,” Taprantzis said in a June 6 interview. “Only cooperation will drive the best outcome and if we don’t follow the banks’ lead, our property will be valueless.”

 

Starwood Hotels & Resorts Worldwide Inc. (HOT) operates the Westin Athens Astir Palace Beach Resort and the Arion Resort & Spa Astir Palace, which includes the bungalows. Among the resort’s restaurant is Matsuhisa Athens, a sushi eatery owned by Nobu Matsuhisa that overlooks the Aegean Sea.

As for the Bilderbergs favorite hang out, the market is obviously wrong:

Astir Palace Hotel has reported losses each year since 2003, according to company filings. It has net debt of 20.7 million euros,

 

“The focus is not on the historical performance of the listed company,” Karytinos said, declining to disclose the asking price for Astir Palace. “The true value is in the real estate and the traded company’s market capital is in no way reflective of the resort’s worth.”

 

Taprantzis also declined to give an estimate of the resort’s value.

Ironically, the "value" is rather meaningless. When it all comes crashing down, Greece will have collected pieces of paper for land that try hard as they might, foreigners simply can't pick up and take home with them. Same goes for $100 million New York penthouses.

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Thu, 06/21/2012 - 08:00 | 2546376 GetZeeGold
GetZeeGold's picture

 

 

 

I'll start......one dolla!

 

Thu, 06/21/2012 - 08:00 | 2546380 tsx500
tsx500's picture

SUCK IT BILDERBERGS !!!!

Thu, 06/21/2012 - 08:31 | 2546468 idea_hamster
idea_hamster's picture

It's actually a smart sale -- soon enough, the island will be blown to dust by the underlying caldera volcano.  Might as well unload it now.  I wonder if Greece asked Paulson to identify the best piece of real estate to include in the deal.

http://en.wikipedia.org/wiki/Santorini_caldera

Thu, 06/21/2012 - 08:50 | 2546523 Colombian Gringo
Colombian Gringo's picture

Stupid Greeks voted back in the same criminals that robbed them in the first place.

They are going to get it now, good and hard,bankster dicks up their asses. But being Greeks, they probably like it.

 

Thu, 06/21/2012 - 09:14 | 2546646 Dr. Richard Head
Dr. Richard Head's picture

The irony is that this resort will be bought up on pennies on the dollar by the same crooks that cause the fire sale to commence.  Talk about a long term "investing" strategy.  Get Greeks to accept fraudulent debts through the ECB buying back, within days, the same bonds they just sold.  These debts cause the imposition of austerity on the Greeks.  Greeks have a funding shortfall and need to sell assets.  Same crooks within the ECB member banks go on a shopping spree.  This is just a guess, but it looks pretty masterfully played.  All the while the resentment builds in the people.

Thu, 06/21/2012 - 09:19 | 2546664 Stuck on Zero
Stuck on Zero's picture

Astir Palace is just Southeast of Athens.  It's nowhere near Santorini.  I've been to both. Astir, like many places that cater to the rich, is so stuffy it makes your skin crawl.  Santorini is a jewel.  Thira and Oia are absolute treasures,  The views in the caldera are incredible.

 

Thu, 06/21/2012 - 08:09 | 2546404 Peter Pan
Peter Pan's picture

My opening bid is one ounce of gold. Beat that you fiat junkie. LOL.

Thu, 06/21/2012 - 08:11 | 2546412 battle axe
battle axe's picture

NOOOOOO, where will I get my hookers and blow now?

Thu, 06/21/2012 - 08:28 | 2546460 slaughterer
slaughterer's picture

I outbid you all with 3 Spiderman towels and a Snickers wrapper that Draghi touched. 

Thu, 06/21/2012 - 07:59 | 2546377 Rubicon
Rubicon's picture

Where do I sign?

Thu, 06/21/2012 - 08:01 | 2546384 Dr. Engali
Dr. Engali's picture

So once the sell their gold and all their stuff then what do they do? The bankers still owe them. Idiots, default you stupid fucks.

Thu, 06/21/2012 - 08:05 | 2546390 GetZeeGold
GetZeeGold's picture

 

 

Yep....and then walk like an Icelander and throw the bankers in jail.

 

Watching bankers get thrown into jail.....that's just fun on a stick there!!!

 

Thu, 06/21/2012 - 09:22 | 2546678 Dr. Richard Head
Dr. Richard Head's picture

What a great parody of Walk Like an Egyptian to Walk Like Icelander

All the bankers in the world
They do the debt dance, don'cha know?
If they print too quick (Oh-Way-Oh)
Serfs falling down like a domino

And the people vote
Bunch of bankers ass goes to jail
GOLD crocodiles (Oh-Way-Oh)
They snap their teeth on banker ass

Jubilee for mortgage debt:
Way-oh-way-oh-way-ooo-aaa-ooo...
Walk like an Icelander.

Thu, 06/21/2012 - 08:02 | 2546385 reader2010
reader2010's picture

Can I get a FHA loan on this?

Thu, 06/21/2012 - 12:14 | 2547549 mkhs
mkhs's picture

Can you fog a mirror?

Thu, 06/21/2012 - 08:05 | 2546393 Disenchanted
Disenchanted's picture

 

Maybe AIG's Benmosche can put some more taxpayer funds to good use, and be 'movin on up' from Croatia.

Thu, 06/21/2012 - 08:07 | 2546396 Peter Pan
Peter Pan's picture

If Greece attempts to make any meaningful debt reductions through asset sales, it will fail as well as dismember Greece in the process. Some time ago they were calling for 50 billion euros of sales. This figure is ridiculous if it  is meant seriously. Given Greece's land area,  population and GDP it would be the equivalent of the USA selling over 3 trillion dollars of public assets. Totally impossible without actually selling the nation.

Thu, 06/21/2012 - 08:21 | 2546436 ThirdWorldDude
ThirdWorldDude's picture

Not impossible at all. I recall some time ago the elites were requesting from Greece to begin selling off islands in the Aegean.

http://www.guardian.co.uk/world/2010/jun/24/greece-islands-sale-save-eco...

Those islands were anyways a gift from UK (look at a political map, Turkey doesn't own a single island in the Aegean), so the Greeks shouldn't feel too hurt about selling them and they'll contribute in filling the state coffers. 

 

BTW, yacht parking taxes in Greek ports are way too high... It's payback time, bitchez!

Thu, 06/21/2012 - 10:00 | 2546852 FeralSerf
FeralSerf's picture

"Gift" from the UK?  Bullshit.  The UK "owned" them by right of conquest  from the Turks and because they were divvied up (between the Americans, Brits and the French -- fuck the Italians) "spoils of war" in 1919 in Paris (like Palestine and Iraq) regardless of the desires of the people that made them their homes for thousands of years?

Thu, 06/21/2012 - 08:08 | 2546400 caimen garou
caimen garou's picture

got one dollar looking for two, one dollar looking for two, will anybody give me two dollars,please

Thu, 06/21/2012 - 08:12 | 2546408 GetZeeGold
GetZeeGold's picture

 

 

What the hell.......I'll go two.

 

Crap.....I just realized I just bid against myself. That's why I stay away from auctions.

 

Thu, 06/21/2012 - 08:16 | 2546428 caimen garou
caimen garou's picture

sold to get zee gold for two dollars, all you have to do is pay all back taxes, all unpaid utilities for the past three years, and closing cost! thank you and we will take payment in gold,have a good day!

Thu, 06/21/2012 - 08:09 | 2546406 FLUSA.com
FLUSA.com's picture

Just remember the carry cost is meaningless....year after year of huge opperational losses on this site should have nothing to do with the value. Bid high high high you cant go wrong with real estate...(sarc)

Thu, 06/21/2012 - 08:10 | 2546411 skistroni
skistroni's picture

The land is only partly owned by the state. The rest belongs to ... the Greek Orthodox Church.

The Church actually owns real estate valued in the tens of billions all over Greece. 

Thu, 06/21/2012 - 08:13 | 2546417 williambanzai7
williambanzai7's picture

POSTCARD FROM SANTORINI: PASOK STRESS TEST

Thu, 06/21/2012 - 08:15 | 2546422 q99x2
q99x2's picture

Greece has weapons to blow the banksters to smitherines as well as their bank buildings. The country doesn't have to let itself be attacked without fighting back..

Thu, 06/21/2012 - 10:05 | 2546877 FeralSerf
FeralSerf's picture

But the bankers have Mossad, MI6 and the CIA.

Thu, 06/21/2012 - 08:36 | 2546473 Gandalf6900
Gandalf6900's picture

WE THE PEOPLE

Thu, 06/21/2012 - 10:16 | 2546952 Sudden Debt
Sudden Debt's picture

HAVE DECIDED THAT IN YOUR BEST INTEREST

Thu, 06/21/2012 - 08:41 | 2546484 constantine
constantine's picture

From one parasitic rent-seeker to the next.  Makes no difference to me.  Absolutely gorgeous island though.  Santorini is not of this world. 

Thu, 06/21/2012 - 09:08 | 2546610 Gandalf6900
Gandalf6900's picture

actually...it is

Thu, 06/21/2012 - 08:46 | 2546509 hedgehog9999
hedgehog9999's picture

In my case my first bid is  1000 Tuna cans or 1000 rolls of toilet paper!

Thu, 06/21/2012 - 10:18 | 2546967 Sudden Debt
Sudden Debt's picture

I'LL RAISE YOUR OFFER WITH 1000 OLIVES!!

ALL YOUR RESORTS BELONG TO ME!

Thu, 06/21/2012 - 08:52 | 2546545 XitSam
XitSam's picture

In other news, Larry Ellison (head of Oracle) bought a Hawaiian island.  98% share of Lana'i.

Thu, 06/21/2012 - 09:22 | 2546677 dark pools of soros
dark pools of soros's picture

But Germany COULD redraw the map and bring themselves to those properties

Thu, 06/21/2012 - 09:27 | 2546705 WALLST8MY8BALL
WALLST8MY8BALL's picture

I already call it the German Riviera

Thu, 06/21/2012 - 09:53 | 2546709 stiler
stiler's picture

A prophecy of a true prophet of Israel:

Then I turned and lifted my eyes and looked and behold, a flying scroll. And he said unto me, What seeest thou? And I answered, I see a flying scroll; the length of it is twenty cubits and the breadth 10 cubits. Then he said unto me, This is the curse that goes forth over the face of the whole earth: for everyone that stealeth shall be cut off as on this side of it; and everyone that sweareth shall be cut off on that side of it. I bring it forth, saith the LORD of hosts and it shall enter into the house of the thief and into the house of him that swears falsely by my name; and it shall remain in the midst of his house and shall consume it with the timber and the stones thereof. (Zechariah 5; 1,2)

What is this saying and when will it take place? It's a prophecy of the last days on earth before Messiah returns. The phrase "the whole earth" is key, as it is a reference to world wide events. 

You have to read the chapter before to understand this. Chapter 4 describes the two olive trees. It concludes with, these are the two annointed [messiah'd] ones that stand by the LORD of the whole earth. They are 2 olive trees that feed by pipes to a gold mennorah, that speaks of the Holy Spirit. They are the third part of the sign of Jonah, spoken by Christ.

The sign of Jonah:

1. Lazarus raised 

2. Yeshua the Christ raised

3. the two witnesses (2 olive trees) raised 

This marks the beginning of Israel's return to faith in their Messiah.

Revelation 11:4  These are the two olive trees and the two candlesticks standing before the God of the earth. And if any man will hurt them, fire proceeds out of their mouth, and devours their enemies: and if any man will hurt them, he must in this manner be killed. These have power to shut the heaven, that it rain not in the days of their prophecy: and have power over the waters to turn them to blood  and to smite the earth with all plagues, as often as they will.

It goes on to explain that they themselves are killed, it is shown to the whole world who rejoice and give gifts to each other and then... God raises them from the dead.

So it appears that it might be one of the two witnesses' plagues that curse those who swear falsely and steal during the last 7 years of the Tribulation Period. From the 1% to the little guy who steal, as well as the Jew who swears falsely by the Law, shall have their houses consumed.

The last part of Zech 5 speaks of the return of the world economic system to Shinar (Babylonia) and the corrupt, idolotrous wealth, I mean mega-wealth of the people of that city.

 

Thu, 06/21/2012 - 09:39 | 2546753 Debugas
Debugas's picture

end of the nations is nearing

Thu, 06/21/2012 - 09:45 | 2546771 fiddy pence haf...
fiddy pence haff pound's picture

The Greeks are a lot less important than

Spain, Italy and France. If the Troika handles

those three, then the US is next.

 

Greeks just decided to choose the devil

they know. That 3 party clan has now been dubbed

the Internal Troika, because they're spies on

the inside.

Butt,

the Socialist Internationalism

is also scary for a small nation. Syriza

would not have stopped with the economic

stuff. They would have gone for full native

status for all legal and illegal aliens and

changed Education to wash out the

Greek element completely.

 

So, most people didn't risk jumping out

of the frying pan and into the fire.

 

I have one thing to say to Spain. Ole'

and one more. Gibraltar.

Thu, 06/21/2012 - 10:10 | 2546908 YHC-FTSE
YHC-FTSE's picture

Anyone stupid enough to pay the asking price of this "resort" deserves to get fleeced. First, in all likelihood, it won't be sold outright but a convoluted lease with restrictions to get fleeced again if you plan on running hotels, and then there's the chance that a mob will burn the whole place to the ground rather than have foreigners own it. Second, if you really wanted to buy the shithole, you could pick it up for a song when Greece devolves to the Drachma in a short while. 

There's something people really don't understand about Greece which can be explained if you walk into any Taverna over there: They have two prices on the menu, one for "foreigners" and one for Greeks, even though the "foreigners" these people rip off share the same currency, and have provided Greece with everything they have enjoyed in infrastructure, pensions and benefits for over the past decade. That's what they do, and that's what they will continue doing. Do business with them at your peril, if you don't have Greek blood.

Wake me up when the Italians put up Portofino for sale. 

Do NOT follow this link or you will be banned from the site!