Greece's armed forces lease out Athens building for hotel

Greece's armed forces lease building for hotel

Greece's armed forces have agreed to lease out a building in the center of Athens' tourist district to the Kokkalis group for the purpose of turning it into a hotel, a source close to the deal said Wednesday.

The building, part of an extensive property portfolio owned by the country's armed forces, is located on the corner of Kolokotroni and Voulis streets and is opposite Greece's old parliament. It previously accommodated an H&M store and a Ferrari merchandise store.

It has been leased for 40,000 euros per month over a 20 year period.

The deal is seen as being one of the most important for Greece's armed forces that have embarked on a push to up revenues gained from their real estate portfolio stretching across the country.