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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