The company YHE Hotel Establishment has been given the green light by the Municipality of Athens to proceed with the conversion of the former YMCA building, at the junction of Akadimias 36 and Omirou 28 streets in Athens, into a hotel.
The Lebanese company, led by Ralph Yazbek, has recently rebuilt a nearby hotel, the Academia of Athens Autograph Collection which has been operating by Mariott Group for about a year and is a €7.2 m investment.
YHE Hotel Establishment is investing in rebuilding another hotel, despite the fact that the country’s hotels are closed due to the pandemic, as when the project is completed in at least two years, the situation is estimated to have changed.
The nine-storey YMCA building, which has an area of 3.7 thousand square meters and a height of about 32 meters, will be converted into a five-star hotel. The building will require static reinforcement, and according to earlier estimates, at least about €5 m will be required to carry out upgrade work.
The prospects of this new hotel of YHE Hotel Establishment are also connected with the “Great Walk”, the urban intervention of the Municipality of Athens that includes the yield of about 50,000 sq.m. free, public space to the residents and visitors of Athens, creating a route of 6.8 km.
Original Source: Capital
Adaptation/Summary: Kiki Athanasiadis