Three-Star Hotel, With 86 Keys, Centre of Athens For Sale €6.6m

Location: Just Off Sygrou Avenue, 1km from the main five-star hotels (Hyatt, InterContinental, Marriott), Athens, Greece

Name: TBA

Guide Price: €6.6m

No. of Keys: 86

The Opportunity: The hotel is a three-star hotel for the cost-conscious traveller in this area, well-know for the city’s five-star hotels. The hotel is within driving distance of 15 minutes from the famous Acropolis Museum and 8 minutes from the Athenian beach. It is 15 minutes driving from the new mega- investment of Hellinikon, where a casino will operate and as well as 10 minutes driving from the new large Marina of Alimos.

A new cardio transplant specialised hospital, by Onassis Foundation, will be built at a distance of 1.5 km.

The hotel needs a refurb, which will reap handsome dividends because of the location. It enjoyed 82% occupancy in 2019, with an ADR of €45…project to increase after renovation to €70+. Because of Covid-19 the refurb could take place whilst the hotel is closed, or done floor-by-floor, whilst the hotel is still operating. Estimate for refurb is €1.6m with some state subsidy available.

The hotel is laid out over 8 floors, with a basement of 200 sqm, possibly for parking and a roof terrace of 135 sqm, which would make a great roof-top bar. Room sizes are 52 x 22 sqm and 24 of 18sqm.

The owner would entertain a debt and equity deal…taking on the current bank loan, with final  payment to be made 18 months after the deal is signed. RG

Main Photo: The ground floor hotel restaurant

Tenure: Freehold

Flag and Management: Open…

Current Owner: Currently a local Greek company…management willing to oversee the refurb management

Financials: Five-year business plan available upon signing LOI. Capable of 6% yield post-refurb

Agent: THPT is in partnership with local agent.

Guide Price: €6.6m

Price per Key: €76,744

Date Posted: July 2020

THPT Comment: This is a great opportunity to transform the existing hotel to four-star, in this very desirable central Athens location.

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MISREPRESENTATION ACT 1967. This information is provided as a general guide and is not intended to be constructed as a statement of fact upon which interested parties can rely. All interested parties should make their enquiries by inspection or otherwise. Neither The Hotel Property Team (trading name of Impetus Marketing 2006 Ltd) nor any person in our employment has the authority to make, give or imply any representation or warranty whatsoever relating to the premises referred to in these particulars. These details do not constitute any offer, contract or any part thereof and all negotiations relating to the premises should be conducted through THPT.