25-Key 3-Star Boutique Hotel in Tinos, Greece With Scope to Extend and Upgrade to 75 Keys, For Sale
Location: Tinos, Cyclades, Greece – 10 Minutes Drive From Ferry Port – 30 mins Ferry to Mykonos, 4.5 hours to Piraeus or Rafina (Athens)
Name: TBA
Guide Price: €3.5m
No. of Keys: 25 Currently, Scope to Extend to 75
The Opportunity: To acquire this delightful three-star boutique hotel, that has been trading for 11 years. The 25 rooms can take between 2 and 4 persons and the hotel has the bar, swimming pool, excellent restaurant, Spa and it’s own traditional store. The owner has land adjacent of 10,000 sqm, with an option to acquire a further 4,000 sqm to add upto another 50 rooms or suites.
The restaurant is rated as one of the best on the island, with cruise ships using for dinners for passengers. The hotel is open April to end October
The owner will either offer immediate VP, or offers the possibility of continuing to run the hotel for one or two summer seasons, and the development as a turnkey option. There is a government grant scheme to get 40-50% of the building cost back. The cost to upgrade to five-star would not be huge…and the owner has maintained the hotel fastidiously since he has owned it.
The current occupancy is not dominated by any single tour-operator, but comes via booking platforms such as Booking.com, TripAdvisor and similar.
The owner is a general director in a fast track public investment Co. and he is a PhD economist and had highly experienced in creation of Business Plans for new investments.
The international airports are at Mykonos and Syros, besides Athens, with a heliport on Tinos. CA
Main Picture: One of several beaches close to this hotel…this one 200 metres
Current Owner: Small private company, who wish to sell the shares in the SA company. Rooms retail at €400 per night in high season, dropping to €160 in the shoulder months.
Flag and Management: Free to new owner.
Financials: 2018 and 2019 figures upon submission of a LOI/EOI…Hotel occupancy in 2019 was 75%, with 100% June to August. Also plans and numbers for the development option are available.
Tenure: Freehold
Agent: Local agent in partnership with THPT
Guide Price: €3.5m
Date Posted: May 2021
THPT Comment: This is an opportunity to acquire a small three-star boutique hotel and expand it to a real gem on the fab island of Tinos. Already it is rated as one of the best three hotels on the island.
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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.