06:45 AM EDT, 06/30/2025 (MT Newswires) -- Goldman Sachs ( GS ) scrapped plans to launch a Mediterranean hotel brand after selling three seaside resorts in northern Greece this spring, barely breaking even on its 100 million euro ($117.1 million) investment, the Wall Street Journal reported Sunday, citing people familiar with the matter.

The report said that the resorts Goldman acquired in 2022 never opened, and several employees tied to the project have since left the firm.

Greek media labeled the failed project, which was part of Goldman's broader strategy to generate stable fees and returns in its asset management business by leveraging client capital and real estate upside, a 'shipwreck,' according to the Wall Street Journal.

The company had even considered acquiring other luxury assets, including the Grand Resort Lagonissi on the Athenian Riviera, but those plans were also shelved, the Wall Street Journal said.

Goldman Sachs ( GS ) did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)