Interest on sale of Athens Ledra hotel remains low

The Ledra hotel, a landmark Athens hotel on Syngrou avenue, will be up for auction again on Wednesday but interest in the asset is expected to remain low, according to industry sources.

After closing down in May last year, the hotel has been repeatedly put up for sale by Alpha Bank, the hotel's largest creditor. However, four auctions attempts since then have failed to draw a buyer despite the starting price steadily dropping from the 48 million euros Alpha Bank had initially asked for.

Wednesday's auction is expected to start bids at about 33 million euros but buyers are likely to hold off and wait for a lower price due to the significant investment the hotel needs, say industry officials.

The hotel was built in the early eighties and has 314 rooms.