Athens hotel investments seen above 700 mln euros in coming years

Athens hotel investments above 700 mln euros in coming years

Hotel investments in Athens are robust with projects worth more than 700 million euros slated for the Greek capital in the next three years, said Pepper Hellas in its 2018 hospitality report.

Booming tourism numbers in Athens have helped change its hotel landscape with some large names such as Four Seasons and Marriott setting up in the city. Τhis marks a change from the early years of the Greek crisis when international hotel brands where fleeing the country amidst political turmoil, tight credit conditions and the country's deepening economic problems.

"Between 2015 and 2016, nine new hotels in the 4 and 5 star categories opened in Athens, while within the next three years, the city expects investments in hospitality to exceed 700 million euros," the report said.

Among the other major hotel deals going ahead in Athens, according to the report, is Lampsa SA securing the long term lease of the ex King Palace hotel on Panepistimiou street, and its acquisition of the 102 room five star King George Hotel at Syntagma square. Additionally, the former La Mirage hotel at Omonia square is expected to open up as a new 4 star hotel by the end of the year.