110 Room or 94 Serviced Apartments Project in Prime Athens Location For Sale
Location: Monasteraki Square, 10 minutes walk from Syntagma Square, Athens, Greece – location map available
Name: TBA – Agreement in place with a Top-Ten global brand – due to open November 2023
Guide Price: As 110 Key Hotel: €41m after completion, including FF&E, upon opening; As 94 Serviced Apartments (one building only) €29m
Guide Price per Key: €375k – as hotel
No. of Keys: 110 hotels rooms…or 94 serviced apartments
The Opportunity:
Two adjustment buildings in Plaka, Athens, 5,200 sqm, without balconies and roofs, amazing roof top. One of the buildings is a protected building and probably one of the most beautiful buildings in all Athens. Agreement is place with a top-ten global brand under their “stylish and boutique” brand, They describe it as: Plunge into culture. Our hotels are different. We put a twist on the normal to make it unforgettable. Our relaxed service style gives you permission to be yourself. Everyone is welcome here. Our statement design kickstarts the day or night with attitude. Business or pleasure, guests can dive into the vibe as easily as they can relax out of it.
The brand hotel agreement and business plan is based on guaranteed minimum annual payment, suggesting a NOI of €2.7m rising for the first four years – given the buyer a 3.3% guaranteed yield, rising to 6.6% by Year Four.
The opportunity is aimed at an investment fund, looking for a 20% bank guarantee – €8m, to complete the hotel to opening, with sale once the hotel is open. Planning consent is due September 2022, with an opening date of November 2023 planned. The option is to make both buildings a 110-Key hotel, average room size of 22 sqm….OR make the 2nd building as offices, retail, restaurant, with a healthy rental income agreed, and use the first building to make 94 serviced apartments….OR just take the one building as serviced apartments.
The property is for sale, to be delivered ready to open
Flag & Management: Top-Ten branded management agreement in place….20 years with two x five year extentions
Current Owner: An Israeli based fund
Main Photo: The new hotel – imagined
Financials: Dataroom access, photos and location map available after EOI
Tenure: Freehold
Agent: Local agent in partnership with THPT
Date Posted: March 2022
THPT Comment: This is a prime investment opportunity in a great location in Athens, ready to open in 2023 with a decent guaranteed yield, as a hotel, or have the option to make serviced apartments instead
Hotel & Serviced Apartment owners can be naturally reticent in publicising their property is for sale…for confidentiality reasons, for staff and current client reasons, so the properties featured in this section will either be “generic” or “name specific”
Each week we mail the opportunities posted in that period, but check-out the tab “Hotels Available” and call us for details of “Under the Table” – deals not posted on the site at all.
The Hotel Property Team (THPT) is a small group of highly experienced business professionals. Between us, we provide a range of skills and experience which is directly relevant to those involved in the hotel property market. For more information – Visit www.thpt.co.uk or email [email protected]
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.
