Calling All Investors: Hotels Up for Sale in Athens

Hotels or properties in central Athens suitable to become accommodation facilities are seeking investors who will take over and give them a new lease on life.

Alpha Bank will launch another auction attempt on December 7 for the sale of the Athens Ledra, which declared bankruptcy on May 31.  Two auctions have been held since at a starting price of 47.8 million euros with no investors wishing to take over the 314-room establishment. In the meantime, 120 former Athens Ledra employees are still seeking unpaid wages.

Other hotel units up for sale in the next two months include La Mirage on Omonia Square, Kannigos 21 on Kannigos Square and several other buildings in the Greek capital, which has seen a total of 90 hotels go out of business in the last few years.

At the same time, large hotel chains and particularly US-interest entities have stepped into the Greek hotel business including Starwood, Hilton, InterContinental, Marriott, Wyndham Grand and Four Seasons.