Thursday 8 February 2018

GREECE: Athens Attracts More Hotel Investments In 2018

A number of new hotels are expected to open in the Greek capital and Attica the wider Athens region this year, according to the latest report on Greece’s hospitality industry by GBR Consulting.

Starting from the center of Athens, the former 314-room Athens Ledra hotel and formerly the Ledra Marriott is expected to re-open in 2018 as the Athens Hyatt Regency, following an eight million euros renovation.

This will be Hyatt’s first presence in Athens as currently it only operates the Hyatt Regency in Thessaloniki.

The Athens Ledra was acquired in June 2017 by the international real estate firm Hines and the European real estate investment platform Henderson Park.

The Yiannis Daskalandonakis Group will manage the hotel.

A new boutique hotel is expected to open in the upscale district of Kolonaki, at the corner of Irodotou & Ipsilantou Streets, by the real estate entity of the Efmorfidis family (Coco Mat).

Press reports have mentioned a total investment of 2.5 million euros.

Meanwhile, opposite the Wyndham Grand Athens, the US chain Wyndham is currently renovating a property for the opening of the 94-suites Wyndham Grand Residences & Suites in cooperation with Zeus International.

The group will also launch its brand Dolce Hotels & Resorts in Attica through the opening of the 346-room Dolce Attica Riviera hotel at the former Mare Nostrum hotel in Vravrona, which will mainly target the MICE segment.

This year, Wyndham will also introduce its second Ramada Hotel in Greece with the 129-room Ramada Attica Riviera hotel at the former Aquamarina hotel in Mati, on the east coast of Attica.

All three units are planned to open in the spring of 2018.

Moreover, it was announced in 2016 that Marriott International will transform the 366-room Metropolitan Hotel Athens to the new Marriott Hotel Athens and open by 2018.

Also, following the opening of two new hotels in Athens,NHLFIX and NLHGERANI in 2017, the Neighborhood Lifestyle Hotels chain is said to be planning to further expand their presence in the Greek capital by the end of 2018.

There seems interest to further develop the hotel sector in Piraeus, Greece’s biggest and busiest port.

Currently, only 42 hotels are officially registered in Piraeus, of which one 4-star and one 5-star unit.

A master plan by the Cosco managed Piraeus Port Authority (OLP) revealed the expansion of its cruise facilities, creation of a large shipping and repairs yard servicing up to 450 vessels including mega yachts and the construction of new hotels within the port premises.

In addition, the Douzoglou family has applied for subsidy under the development law to upgrade the Mistral Hotel in Kastela in Piraeus.

According to GBR Consulting, there are other large hotel projects in Piraeus are also rumored in the market.

Tourism Observer

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