Greek 3* Central Business District Hotel Sale, Athens

Navigator has completed an investment due diligence and turn-around plan for a 3*, 80-room hotel located in the Central Business District of Athens, Greece. 

 

In 2022, Athens has evolved into one of the most interesting tourism destinations. Visitor arrivals, seasonality and income are up, and the number of hotel renovations and new builds is rising rapidly. Athens is also seeing a major investment in Airbnb-style properties for tourism rentals. 

 

In late 2021, Navigator was mandated to support the sale of an 80-room, 3* hotel in Athens. The sales decision was based on family ownership and changing hotel management and investment requirements.

 

Our consulting services included: 

 

• Detailed hotel site analysis, including zoning and building cadastre; 

• Destination analysis of the central business district; 

• Historical analysis of guest arrivals, ADR, and other revenue; 

• Historical seasonality analysis; 

• Yield analysis and overall financial analysis; 

• 5-year turn-around planning based on seasonality extension and rising ADR;

• Capex requirements for hotel renovation and turn-around. 

 

Based on our analysis, the best investment option is to renovate as a mixed-used, 3* superior product for:

 

• Tourists in transit in Athens; 

• Tourists implementing a short visit to Athens;

• Business guests in the area. 

 

The revised hotel room mix would include:

 

• Keeping approximately ½ the existing hotel rooms while renovating them; 

• Combining ½ of the existing hotel rooms into suites or hotel-apartment accommodation for business guests; 

• Turning around the restaurant facility in to a superior offering serving hotel guests as well as the business community in the area. 

 

In addition to consultancy services, Navigator supported the hotel investment process through representation and communications to hotel investors in Greece. 

 

For further information on hotel investments in Greece, please contact us.