hospitality Market News: Spanish Real Estate Intelligence

Xenia Chios will soon operate as a modern hotel unit, as the process for its long-term lease by Tsakos Group was officially completed. The contract was signed by the the CEO of the Public Real Estate Company, Stefanos Vlastos and the representantive of Avlum Enterprises  Ioannis Saroglou. The latter is a member of the Tsakos Business Group. The hotel will be revovated and will reopen as a modern hotel unit. After the signing of the contract, Stefanos Vlastos of ETAD said: "We are particularly pleased that we have successfully completed the process of long-term lease of the emblematic Xenia Chios, as a result of the hard work of our services throughout the past period, in order to complete an agreement that ensures the reconstruction and reopening of the historic Xenia, for the benefit of the further upgrade of Chios. Unfortunately, some of the Xenia hotels, although important cultural and tourist capital for the country, have remained unused for decades, presenting an image of abandonment. The Public Real Estate Company will continue to work systematically, in order to overcome any anchorages, to solve the operational disadvantages and issues presented by the specific hotel infrastructure, according to the modernization needs set by the market itself, but also to create the optimal conditions. their utilization through the attraction of serious investors and for the rest of Xenia that belong to our portfolio and have not been utilized until today. "Our ultimate goal is to put an end to the abandonment of a number of tourist properties, ensuring their viability and creating jobs and conditions for effective development for both the local communities and the country as a whole." Ioannis Saroglou, on behalf of the bidding company, said: "With joy and responsibility to the people of Chios, we undertake the renovation and reopening of the emblematic hotel Xenia, which is an important cultural heritage for both the island of Chios and Greek Tourism. Captain Panagiotis Tsakos and all of us are to build a modern and welcoming hotel, which will be a jewel for the city of Chios. The island of Chios certainly needs a significant boost in the development of quality tourism product and the reopening of the hotel "Xenia" after almost 30 years marks the beginning of this process. Original Source: Euro2day Adaptation/Summary: Kiki Athanasiadis