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12 Hotels in Athens for Sale

According to the report provided by Kathimerini, there are as many as 12 hotels in the central Athens that are offered for sale. The biggest number of properties for sale (4 hotels) is located in Omonia Square. Investors can also choose from 3 hotels in Patission Street. Other properties are located in Psyrri, Syntagma, Plaka and Kolonaki. The total sum asked for all these hotels is 188.5 million euros.

The study also shows that all these hotels are sold by their owners, who are private persons or firms, not large businesses. Some of these hotels are on the market for quite a long time, but they are still not sold. There are cases when owners had reduced the asked price significantly, but the drop in price did not attract buyers. One of hotels in Athens for sale cost 145 million of Euro in 2010 (the property in Omonia). Now it is available for purchase just for 95 million. Even with such decrease the hotel is the most expensive one among all 12 accommodations for sale.

Currently hotels in Athens downtown pass through tough times. Numerous acts of crime have caused many tour agencies to offer only hotels in the center of the city to their clients. Accommodations away from the central and business regions are not financially stable anymore, so many of them are bankrupt and are offered for sale. Meanwhile, the latest news show the center is also not a calm place due to numerous riots, protests and social unrest. There’s no wonder this has negative effect on the whole city as a tourist destination.

It is clear that nowadays the number of hotels in Athens for sale is greater than ever. Of course, the research has not revealed all hotels, only the ones that are offered for public purchase. Many owners use other channels, so no one can estimate the exact number.

15.11.2011

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