Athens Ledra, La Mirage Hotel Auctions Fruitless

The sales of the Athens Ledra and the La Mirage hotels have yet again been fruitless. Despite expressed interest from investment entities in Greece and abroad, there were no bids.

This is the fourth attempt by Alpha Bank to sell via auction the central Athens Ledra, which declared bankruptcy on May 31 due to financial difficulties. 

The same applies for the La Mirage on Omonia Square, which went under the hammer for the first time in an online auction launched by the Armed Forces’ Real Estate Development directorate. There has been no official announcement as to whether there will be a new auction.

The initial going price for the 314-room Athens Ledra at 47.8 million euros has dropped to 37.8 million euros with scope for further reduction. Meanwhile, the Greek court ruled in favor of some 150 hotel employees who had filed suit against the company for violating labor law provisions (unpaid wages). The court imposed 10-year prison sentences for those responsible.