A few years ago, Goldman Sachs (GS) had ambitions to create a hotel brand in Greece that would eventually expand to spots around the Mediterranean, AnnaMaria Andriotis of The Wall Street Journal reports. The company bought three seaside resorts in northern Greece in 2022 and originally planned to spruce them up to begin welcoming guests as soon as this year. Instead, Goldman abruptly sold all three hotels, barely breaking even on the about $117M it had invested in the project, sources familiar with the matter told the Journal. The company also pulled the plug on its plans for a hotel brand in the region, the sources added.
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