Despite the recession in tourism and low occupancy rates, new hotels keep opening in Greece. The Athens Capital Hotel – MGallery was launched recently and several new hotels are expected to open by the end of the year and in the beginning of 2021.
Athens, Greece: 14 September 2020
According to Kathimerini, more than 40 new hotels opened in the center of Athens last year. Although the situation has dramatically changed with the start of Covid-19 this year in the hotel sector with revenues and occupancy rates falling, a series of new hotel investments are launching in Athens.
In the last few days, the Athens Capital Hotel – MGallery was launched. This five-star hotel is managed by Accor. It has 177 rooms and suits and is located at the junction of Panepistimiou and Kriezotou, in Syntagma Square. The renovation costs of MGallery have been announced at € 25 mln.
A new boutique hotel in Kolonaki, owned by BriQ Properties, is expected to open this week. The hotel is a € 1.5 mln investment by the Modernist chain.
According to Kathimerini, in the next few weeks the Athens Ikon, new boutique hotel, will open on Mitropoleos Street in Athens. This is a 5-suite boutique property between Syntagma Square and Plaka.
Before the end of the year, the Hellenic Vibes hotel is scheduled to open in Monastiraki, in a property acquired by Prodea Investments.
Another four-star hotel is expected to open in early 2021. It will be situated near Omonia Square, at 10 Piraeos Street. This is a former office building to operate under the name Omega Hotel with 50 rooms.
Navigator Consulting provides hotel investment business planning, due diligence and strategic restructuring services in Greece, Cyprus and other countries. We have advised on major hotel investments in Greece. For further information and support, please contact us.
Philip Ammerman
Managing Director
Sources:
Kathimerini. 14 September 2020
Related articles:
NavInvest Greece. 8 September 2020
NavInvest Greece. 27 August 2020