Three More Central Athens Hotels in the Pipeline

Omonia Sqaure. Photo © George A. Voudouris

Three hotels are set to open for business at Omonia Square in the heart of Athens and near the Varvakios central market, according to media reports.

The Bageios Foundation, owner of the three properties, is set to announce a tender for the long-term lease in the coming months, according to Greek daily Kathimerini. The leasing period for the four-storey building on Armodiou St valued at 220,000 euros is set at 20 years. The other two buildings are located near Omonia Square and once housed the former Megas Alexandros and Bagion hotels.

King George Hotel

Meanwhile, a nine-floor property (that once housed the King’s Palace hotel) on the corner of Kriezotou and Panepistimiou sts has attracted the interest of seven Greek and international suitors – among them Grand Bretagne’s  operator the Laskaridis Group and as well as Hard Rock International.

Bids were submitted last month to ATE (former Agrotiki Bank) and the final decision is expected to be announced in the upcoming period. The winning party will be required to invest over 10 million euros to convert the premises into a five-star unit.

At the same time, the five-star King George Hotel in Athens, dating back to the 1930s, went up under the hammer by owner Eurobank with interested parties submitting their bids earlier this week. Reports place current operators Lampsa SA in the lead.