LAMDA Development’s recent agreement with TEMES for the joint development of hotels in Ellinikon is a significant milestone in Greece’s tourism and real estate industry. The partnership will create world-class hotels attracting high-end visitors and enhancing Greece’s reputation as a premier tourism destination.
At the end of 2026, Lamda Development is expected to have completed construction on two branded 5-star hotels and their corresponding residences at the Ellinikon coast due to their joint venture with TEMES SA. The cooperation between both organizations was confirmed through two strategic agreements.
BELT Riviera SA and HELLINIKON SMSA agreed that the former would purchase 100% of the freehold rights for a property encompassing 80,011 sqm in a development zone.
In the Metropolitan Pole Elliniko-Agios Kosmas, a plan has been put into place to develop “CF-D2”. This will involve the creation of the following:
By the sea, this 5-star hotel boasts 160 keys, outdoor spaces, and prominent dining/entertainment options. Furthermore, it features a luxurious Beach Club, a Health Club with recreation, fitness, and beauty amenities – plus a residential complex comprising 17 branded homes/apartments that offer panoramic.
The Cove Villas and The Cove Residences, located in a prime beachfront residential zone, will benefit from a new adjacent development. The transaction payment for this development shall be paid over time according to an installment schedule.
The total cost of approximately 38.3 million euros includes acquiring the property (22.3 million euros) and infrastructure expenditures associated with the Metropolitan Pole (16 million euros).
When entering into the contract, BELT Riviera SA (70% controlled by TEMES SA and 30% HELLINIKON SMSA) paid a consideration of approximately 12.8 million euros, including applicable taxes.
MALT Riviera SA and HELLINIKO SMSA have agreed to purchase surface rights on a 132,821 sqm area within the CF-D1 development zone close to Metropolitan Pole Elliniko-Agios Kosmas as per the initial plan.
Using a 5-star hotel as the central feature, this project boasts 200 keys with access to a luxurious Beach Club and sprawling outdoor spaces, iconic dining, and entertainment services by the sea. Additionally, various health-related recreational arrangements and fitness and beauty amenities are tucked into one separate Health Club.
The famous, high-rise Riviera Tower alongside the upgraded Agios Kosmas Marina and the brand-new Riviera Galleria, will host a brand-new development located only a short distance away.
The sum owed as part of this transaction is estimated to be around € 52.5 million, which consists of the purchase price for the surface rights of the asset valued at € 32.5 million and related infrastructure costs directly attributed to the Metropolitan Pole valued at € 20 million.
At signing the agreement, MALT Riviera SA – controlled 70% by TEMES SA and 30% by HELLINIKON SMSA – received an initial payment of approximately 17.5 million euros (including applicable taxes) as part of the consideration.
LAMDA Development’s collaboration with TEMES for the joint development of hotels in Ellinikon is a significant development for Greece’s tourism and real estate industry.
The partnership brings together two companies with extensive experience and expertise in their respective fields, creating world-class hotels that will enhance Greece’s reputation as a premier tourism destination. The project is also expected to generate economic growth and create employment opportunities, contributing to Greece’s overall economic recovery.
Source: greek city times
