Historic Poseidonion Hotel on Spetses Joins Grace Hotels Group

ATHENS, Greece, February 25, 2010 - Luxury boutique hotels group, Grace Hotels
(www.gracehotelsgroup.com) has formed a partnership with Spetses
Initiative S.A. regarding The Poseidonion Grand Hotel on Spetses, which will
henceforth be known as the Poseidonion Grace. Located on one of the closest
islands to Athens, the hotel will set Grace Hotels' philosophy of supreme
service and elegant simplicity in the context of grand and commanding
architecture. The hotel with its Cote d'Azur style has been a landmark on the
Spetses skyline for nearly a century. It has recently undergone a meticulous
five-year restoration programme resulting in preservation of the original
architecture while incorporating the finest modern facilities.

Located in the historical heart of Spetses town, the hotel's
45 double rooms and seven large apartment suites all feature private gardens
or balconies with views of the sea or main pool and surrounding palm trees.
Premier accommodation in the hotel includes the spectacular Grace Suite, the
unique split-level 'La Cupola' suite and the intimate Honeymoon Suite with
its own swimming pool.

Guests at The Poseidonion Grace can choose between fine dining
and brasserie restaurants, both located on the main hotel balcony overlooking
the sea, or the exclusive Japanese Fusion restaurant open in July and August.
Ingredients are sourced from local fishermen and the hotel's own gardens that
grow organic fruit, vegetables and herbs.

The hotel spa menu draws on traditional century-old treatments
from when the Poseidonion Grace became the first hotel in Greece to offer
therapies based on the natural healing properties of sea water.

Commenting on the partnership, Philippe Requin, CEO of Grace
Hotels said: "We are committed to preserving the character and charm of the
hotel while introducing touches of style, refinement and service that have
won global acclaim for Grace Hotels." Antonis Vordonis, Vice President of
Spetses Initiative added: "The dynamism that Grace Hotels brings to this
partnership will substantially enhance the operational quality of the hotel."

Despite its famously grand architecture, Spetses has managed
to retain a serene island atmosphere with horse and carriage remaining the
most popular form of transport. From Athens' port Piraeus direct ferries go
to the island. For jet-setters, a helicopter ride can be arranged.

Note: Hi Res Photography here: poseidoniongrace.fotoseeker.com; For more information including news of forthcoming Grace hotel in New England: (www.gracehotelsgroup.com); Further assistance: Indigo PRCO +44-207-259-1144 / edavis at indigoprco.com