Luxury apartment at the Hilton in Athens are in such demand that 50 are already sold despite not being available until the beginning of 2025.
According to Kathimerini, the project to transform the Hilton into a complex of hospitality and other high-end activities was enthusiastically received by the market. More importantly, the majority of buyers are Greeks.
The top two floors, unsurprisingly, were the most expensive. The average price per square metre is reportedly 24,000 euros!
These top two levels accommodate various apartment types, mostly of conservative size, but one is a large residence. The two lower floors were sold for 21,000 euros per square metre. The apartments on the top two floors bear the Waldorf Astoria brand, while the two below have the Conrad brand.
The average sale price exceeds 21,000 euros per square metre.
The works started in January 2022 and are expected to be completed in late 2024 or early 2025. Additional buildings will be developed on the block that housed the landmark hotel of the Greek capital for decades.
The investment for building new facilities, infrastructure and equipment will exceed 130 million euros, in addition to the 145 million euros already spent since 2016 on the purchase of the property.
In total, the investment will exceed 275 million and may, according to market circles, exceed 300 million in its final phase due to the rise in the cost of construction materials.
The new luxury hotel Conrad, in addition to the 50 apartments, will have 280 rooms and suites. The complex will also host signature restaurants, themed retail spaces, entertainment and wellness facilities, and a state-of-the-art members' club.
This is a large-scale project, which, however, will preserve the architectural heritage of the building and the timeless facades designed by Yiannis Moralis.
For the operation of the hotel and the support of the luxury residences, "Ioniki Hotel" has signed an agreement with Hilton Worldwide and its two leading luxury brands, Conrad and Waldorf Astoria.
The Waldorf Astoria Residences will have privileged access to the facilities and services of the new complex, which will operate a private lounge.
Under an agreement signed in 2021, as of 2024, Hilton Athens will be renamed Conrad Athens.
The new destination is a strategic investment worth more than 130 million euros by Ionian Hotel Enterprises, in additional to the initial investment of around 145 million euros spent on the purchase of the building.
The original hotel opened its doors in 1963 as the first unit of an international hotel chain in Greece, contributing toward establishing the Greek capital as a top tourism destination.
READ MORE: Five cocktail bars you MUST visit in the Greek capital.