Fresh activity on Athens hotel market - The Best from Greece

Posted on: 21/Nov/2011

By Stathis Kousounis

The hotel market in Athens is experiencing significant activity from domestic and foreign companies over the last few weeks despite the ongoing crisis, with two major developments expected after a quiet period.

Sources have told Kathimerini that a new international chain will enter the capital’s hotel market next month, while other sources suggest that the companies that own five-star hotels as well as an airline are about to set up a consortium aimed at entering the tender for the operation and transformation of the Faliro Olympic Sports Hall, known as the Tae Kwon Do Stadium, into a conference center.

Radisson Blu Hotels and resorts is about to break into the Greek market and has already signed a franchise agreement for a five-star hotel on Alexandras Avenue in central Athens, valid for the next 15 years.

Radisson officials had looked for a hotel to cooperate with three to four years ago and returned last year to seal the deal almost 12 months later. They see future opportunities in the Athens market despite the crisis. They do worry about strikes and demonstrations, though.

Separately, Iberostar Hotels and Resorts is also looking out for a hotel to manage or lease in Athens.

As for the planned consortium to bid for the sports hall at Faliro, this concerns the owners of Hilton, Grande Bretagne, Intercontinental and Metropolitan Hotels as well as Aegean Airlines. They intend to table a bid by November 30 to Hellenic Tourism Properties SA.

Provisional estimates by the consortium take the budget for the refurbishment of the sports hall and the surrounding area up to 50 million euros.

source: http://www.ekathimerini.com

«« Let's get back to the News Overview