International funds show an appetite for new hotels and the transformation of old office buildings into residential assets. The urban regeneration for Athens has begun.
Investors show a preference to the Athens city center where they buy mainly empty buildings to transform into hotels or residential units. This way, the Greek capital city is being transformed into an all year round tourist destination.
Omonoia square of Athens, with its many empty buildings, seems to be getting a lot of interest by the investors. Marriott is about to build its Moxy hotel there, an investment estimated to reach €18 m. The development will start next year and is scheduled to finish in March 2021. The building has 8 floors and is rented by Dimand S.A. for 25 years.
Meanwhile, in the same area, the Academia of Athens hotel has opened its doors. The hotel has 60 rooms and is Marriott’s third edition in Greece under the Autograph Collection brand, along with the Domes of Elounda and Domes Noruz Chania on Crete. The building has been rented by the Lebanese firm Yazbek Hotel Establishment and the investment cost reaches 7,2 εκατ. ευρώ. The monthly rental cost is €100.000.