75 hotels for sale in Greece but more modern units needed

More than 75 hotels are up for sale across Greece right now amidst a shortage in the supply of new and modern units, says Arbitrage Real Estate in a report.

More than 50 hotel units operating in main tourism destinations are available for sale but are being marketed at values higher than the average values of similar units, says the report. There are also some 25 non-operating hotel properties marketed at prices 30 percent below their average replacement cost.

"The appetite for hotel investments in Greece remains high, both in Athens and outside the capital for resort destinations with 300 beds or more. For this reason, the hotel M&A market should have been more active as several hotels are in good economic condition," says the report.

"Nevertheless, the main problems investors deal with relate mainly to the lack of a sufficient available number of competitive hotel stock mature enough for sale and a general mismatch between sellers’ transaction price expectations and the acquisition value buyers are willing to pay," it adds.

In regards to the quality of hotels on offer in Greece, the report points out that "there is a shortage in new and modern hotels in Greece, as several hotels are over 25 years old, with specific features, that do not always meet the latest trends in tourism."

"For this reason, many new investments mainly concern refurbishments or even rebuilding of existing units," it adds.

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