Media reports resurfaced on July 4 that billionaire Greek-American John Catsimatidis has agreed to buy the prestigious Athens Hilton Hotel from Alpha Bank’s subsidiary Ionian Hotels.
According to Sofocleous.gr the price of the hotel has been agreed to stand above the company’s market value. This means that Alpha will earn substantial capital gains from the sale of Ionian’s shares in the hotel. According to Athens Stock Exchange data, the capitalisation of Ionian Hotels stands at 93 million euros, down from 100 million euros in the beginning of the year.
The fall in the price of Ionian is, according to the reports, a strategem related to the Hilton sale because the bank mustn’t appear to sell Hilton at a large discount. But the real performance of the hotel remains profitable despite the crisis which has hit its numerous expensive restaurants and cafes.
Hilton’s turnover in 2013 reached 26.1 million euros against 23.4 million euros in 2012, recording inreases in revenue for all its basic sources of revenue, while profits before tax reached 800,000 euros in 2013 compared to a loss of 4.1 million euros in 2012.
Earnings Before Interest, Taxes, Depreciation and Amortization – EBITDA – were 4.1 million euros in 2013, up from 1.3 milion euros in 2012.
John A. Catsimatidis (born 7 September 1948) is the owner, president, chairman, and CEO of Gristedes Foods, the largest grocery chain in Manhattan, and the Red Apple Group, a real estate company with about $700 million to $800 million in holdings.
Catsimatidis also owns the Hellenic Times, a Greek-American newspaper based in Manhattan. He is also the chairman and CEO of the Red Apple Group subsidiary United Refining Company. He currently hosts a talk-radio show on WNYM.
The Red Apple Group also has holdings in aviation and real estate interests in New York, Florida, and the U.S. Virgin Islands.
He was a Republican mayoral primary candidate in the 2013 New York City primary mayoral election.