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Numerous hotels and properties in the heart of Athens that are suitable to become accommodation facilities are up for sale and seeking new investors to take over.

Alpha Bank will launch another auction attempt on December 7 for the sale of the Athens Ledra, which declared bankruptcy in May.  Two auctions have been held since at a starting price of 47.8 million euros with no investors interested in taking over the 314-room establishment.

Currently, 120 former Athens Ledra employees are still seeking unpaid wages.

Other hotel units also up for sale in the next couple of months in Athens include La Mirage on Omonia Square, Kannigos 21 on Kannigos Square and several other buildings in the Greek capital, which has seen a total of 90 hotels go out of business in the last few years.

Simultaneously, large hotel chains and particularly US-interest entities have stepped into the Greek hotel business including Starwood, Hilton, InterContinental, Marriott, Wyndham Grand and Four Seasons.

Last month Alpha Bank agreed to sell the Hilton Hotel in Athens to the consortium comprising Greece’s TEMES and Turkey’s Dogus Holdings A.S.

GCT Team

This article was researched and written by a GCT team member.

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