|London, UK, December 4, 1998 -- Insignia/ESG Hotel Partners,
Inc. has confirmed the sale of the 294-room Apollon Palace Hotel and Mythos
Beach Restaurant in Athens, Greece, for approximately $US 13 million.
The hotel and restaurant were sold by Alka s.a. to Athens-based Divani
Jonathan Worsley of Insignia/ESG Hotel Partners's London office oversaw
the marketing of the asset on behalf of Alka s.a.
The Apollon Palace Hotel and Mythos Beach Restaurant are located on
the outskirts of Athens in an area known as Kavouri-Vouliagmeni, a seaside
resort along the Saronic Gulf and an extremely popular residential area.
New ownership plans to complete substantial renovations to the Apollon
and reposition it as a deluxe hotel and convention center. The reopening
of the hotel is slated for the end of 1999. The renovated Divani
Apollon Hotel will be well-poised to capture the burgeoning overall lodging
demand in the market, as well as demand generated by the Olympic Games
Apollon Palace Hotel
1973 - Commenced operating as an international deluxe hotel;
1983 - Mythos Beach Restaurant and Night Club opened on the beach;
1985 - Hotel leased to the US Government as accommodation for US Air Force;
1991 - US lease terminated but Hotel maintained on a daily basis;
1997 - Marketing commenced in September to sell/lease/joint venture the