New hotels to open in central Athens

A series of new hotels are expected to open in central Athens in coming months in investments exceeding 100 million euros. These are projects that have been purchased and renovated, or leased and reconstructed, in order to function as modern hotels. Investors and real estate development companies, such as Prodea Investments, Dimand Real Estate, but also hotel chains, such as the Fattal group and Brown Hotels, are among the investors.

The investments were launched before the pandemic and were delayed due to the conditions but are scheduled to operate in the summer.

In Omonia, the reconstruction of Saroglio Megaron, at 65 Stadiou Street, is a project that stands out. It is a 20-million-euro investment, which has been implemented by  Dimand - EBRD, in collaboration with Prodea Investments. The property is being remodeled internally to house the Marriott Group's first hotel in the Moxy chain. It stretches over 11,300 sq.m., which has been leased by investors, after a tender was organized by the owner, ie the Army Share Fund and the Armed Forces Officers Club (they hold 62% and 38% respectively). It is expected to open its doors by the end of the year.

Prodea is preparing to operate another hotel in the center of Athens, on a property it owns in the area of Monastiraki. Specifically, the company has invested about 1.5 million euros, for the reconstruction of a building that it had acquired in 2018 at the junction of 66 Ermou and 7 Agias Irini streets, spending 5.7 million euros. In the property covering 2,525 sq.m, there will be a 35-room boutique hotel called Hellenic Vibes with a retail outlet accommodated on the ground floor.
The new hotel is scheduled to open in mid-March.

In 2021, probably within the summer, the renewed former Esperia hotel is seen operating at 22 Stadiou Street, on the corner with Eduardou Lo Street. Ten million euros is being invested in the property by the Israeli group Fattal, which has signed a long-term lease agreement with EFKA, the owner of the property. The relevant tender was completed two years ago. The former Esperia will open up again as NYX Athens.

One of the investments that was negatively affected by the pandemic is the operation of Xenodocheio Milos at 3-5 Kolokotroni Street. This is a new luxury boutique hotel, developed by Intrakat in the listed building of the Army Share Fund. At an investment cost of 7 million euros, the new hotel was supposed to be operational by the end of the summer of 2020, however, it has been postponed until the tourism sector in Athens recovers.

A third hotel will be opened in central Athens in summer by the Israeli group of Brown Hotels - the La Mirage. The original schedule foresaw the opening of the hotel as early as mid-2020, however, it seems that it will delay at least 12 months. It is recalled that Brown already operates Brown Acropol and Dave Red Athens, both in the Omonia area.

Brown Hotels has also entered into a partnership with Ficus Investments, also from Israel, with the object of operating another unit, this time with a boutique character, in the center of Athens and specifically at 82 Evripidou Street. These are two separate buildings , which are unified through the Manousaki Gallery. The new hotel will have a capacity of 63 rooms and will operate in the second half of the year.

The hotel Kaningos 21 is also being prepared on Kaningos Street. The property located at the junction of Kaningos with Chalkokondyli Street is being renovated by Zeus International, which won the tender for the long-term lease of the 3,500 sq.m.
The investment for the reconstruction of the property is to the order of 3.5 million euros. The hotel was scheduled to open in 2020, but it will eventually do so this year.

The Cohort Athens will offer a different concept in the near future. This is a new unit at 93 Liosion Street, which aspires to be the first smart hotel in the Athenian market. The aim is to combine the experience of staying at the hotel with work, as in addition to the provision of hotel services, high quality work infrastructure will be offered. The investment is being implemented by a Lebanese investor.