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hospitality Market News: Spanish Real Estate Intelligence

Ethniki Insurance Company sold building in central Athens for € 5,5 m

The building reportedly was purchased by a foreign investor that will invest another 4 million in its reconstruction and will turn it into short rental apartments or an office building.

The building is located on Amalias 40 avenue, opposite the Τemple of Olympian Zeus. It was completely destroyed by arson during the riots of May 5th 2010.

The total surface of the building is 3,187.66 square meters, and it has two underground floors, 4 floors of 478.31 sq m each, a mezzanine floor of 288 sq m and a roof room of 29.8 sq m.

AGC very close to approval for hospitality development on Mykonos

AGC Equity Partners is close to getting approval for a 51-million-dollar investment project for the development of 95 luxury residences on Mykonos island. AGC also owns the Astir luxury hotel in Vouliagmeni.

The Mykonos Project residences will be located above Karapetis beach, on the eastern part of the island and will be part of a 5-star hotel complex that will also include 192 rooms, shops, sports facilities, and a marina.

AGC, which has invested about 600 million euros in the Astir resort in Southern Athens, is said to be in talks with three hotel chains for the operation of the resort among them Four Seasons and Ritz-Carlton.

Wyndham to purchase hotel in Rhodes

Wyndham has agreed to purchase Akti Imperial Deluxe hotel from the businessman Nikos Koutras. Koutras had acquired the hotel in a Eurobank tender in 2017.

After Crete and the acquisition of the Grand Crete Mirabello Hotel in Agios Nikolaos last summer, Wyndham is "landing" on yet another holiday destination on a Greek island.

This will be the second hotel in Greece to join the Dolce brand after the opening of the Dolce Attica Riviera.

The deal this time was not made through Zeus International hotel management and development company, as was the case with other Wyndham purchases in Greece. Wyndham Group entered the Greek market in 2016 with the opening of Wyndham Grand Athens in Karaiskaki Square and after that purchased the Athens Residence Suites. Wyndham also invested in Loutraki Poseidon Resort and Ramada Loutraki Poseidon Resort in Loutraki, Dolce Attica Riviera and Ramada Attica Riviera in Mati. The chain has made a purchase without Zeus once more in the past when it bought former Thraki Palace Thalasso Spa Hotel & Conference Center in Alexandroupolis, which after extensive renovation bears the name Ramada Plaza Thraki.

Akti Imperial Deluxe in Ialyssos, Rhodes was built in the 1970s, has a total surface area of 48,500 square meters, and consists of five 710-room capacity buildings. Following its acquisition by businessman Nikos Koutras, who still owns Akti Beach and Akti Palace in Kos, there was an extensive renovation that cost (including the acquisition) € 58 million.