EFG Eurobank Ergasias and N. Daskalantonakis Group, a leading player in the Greek hotel industry, signed a contract today regarding the long-term lease and renovation of King George Hotel in Syntagma Square, in central Athens. The hotel came to the possession of former EFG Eurobank, after the acquisition of, and subsequent merger with Cretabank. The hotel has remained closed since 1988. EFG Eurobank Properties SA, the bank's real estate arm, acted as advisors of EFG Eurobank Ergasias on the deal. Renovation works will be undertaken by Daskalantonakis Group. Lamda Development of the Latsis Group, which ·through its subsidiaries- has extensive experience in renovation and restoration of buildings in Greece and abroad, will act as Restoration consultant.Daskalantonakis Group will operate the hotel for 30 years with the option for an extension of an additional ten years for an annual rental fee. The agreement signifies the creation of a five-star luxury hotel of the highest standards. Total investment by the Daskalantonakis Group will amount to approximately Grd. 6 billion and will be completed within one year.A total of 120 rooms and suites, public and support facilities will be renovated. Moreover, the agreement specifies the creation of a conference centre, according to the guidelines of the Greek Tourism Organisation, as well as the creation of a thalassotherapy centre by the name Thalassospa. The historic restaurant Tudor Hall will operate on the sixth floor. The project is designed by a group of Greek and American real estate planning firms, making use of the latest standards and technology solutions.The agreement for the long-term lease and renovation of King George Hotel by the Daskalantonakis Group is regarded as the first step towards a wider co-operation between the two Groups.