ATHENS, Greece, February 25, 2010 -- Luxury boutique hotels group, Grace Hotels (http://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.

FMI is part of the Libra Group, a modern global conglomerate owned by the Logothetis family that has had strong commercial ties with the Mediterranean region for over 30 years.

Through its parent company FMI has global hotel and hospitality interests spanning Europe, North America, South America and Asia. It works with international hospitality brands including Starwood, Hyatt and Relais & Châteaux. Grace Hotels has a sister group of hotels, restaurants and conference venues in New England, including the celebrated White Barn Inn in Maine. For the full story visit www.ushotelsgroup.com.