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Athens

An array of new hotels are expected to open up in the heart of Athens as the number of international visitors to Greece’s capital city is continuing to soar all year round!

There are over 12 hotels that will be opening their doors in the next couple of years, with the growth of tourism in Greece’s capital generating fresh investments that are either being spent on renovating and reopening existing units or buildings which are receiving a complete makeover, while demand for empty buildings to be used for tourism purposes is also on the rise.

Athens is now seen as a great European business destination, with multi-international companies flying their employees into Athens for conferences and meetings, creating more demand for hotels based in the city centre.

According to reports, this has been a bonus for social security funds such as the Single Social Security Entity (EFKA), the Army Pension Fund (MTS) who have a considerable number of properties in the city centre and until recently were unable to use them due to lack of demand.

A hotel at 21 Kaningos Street, which belonged to the auxiliary fund of insurance workers, which is a 3,500-square meter property and has a four-star hotel license had remained empty since 2010 when the company leasing it was unable to pay the rent, but now construction is taking place and is expected to open its doors over the next year.

Another four-star hotel in Omonia Square is also set to be renovated by Dimand Real estate in a consortium with the European Bank for Reconstruction and Development. Dimand won the tender for the Sarogleio Mansion at 65 Stadiou Street that majority owner MTS held a few months ago.

The property development company signed a 25-year lease agreement in June, with a renewal option for another 25 years, and is about to renovate the 10,000 sq.m. building for the purpose of running it as a hotel. Sources say the cost of the investment will come to 18 million euros and should be completed in a year and a half.

Many hotel groups and property companies are also expected to take part in the upcoming tenders for three hotels in central Athens that EFKA is going to hold. They include the Esperia Palace on Stadiou Street, another building on the corner of Stadiou and Edouardou Lo Street, and the Ambassadeur on Socratous Street.

*Image by Nick Bourdaniotis Photography (Copyright) 

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