BUSINESS

Lampsa to lease old ATEbank offices to create a new hotel

NIKOS ROUSSANOGLOU

TAGS: Property, Tourism

The Lampsa Group and the Mutual Assistance Fund of former ATEbank employees will sign a contract in the next few days for the lease of the building that hosted the now-defunct lender’s offices on Panepistimiou Street, near Syntagma Square in central Athens, with a view to it being turned into a hotel.

Negotiations between the two sides have reached a successful conclusion and Lampsa has agreed to pay a higher amount in rent than its original bid. It will pay 960,000 euros per annum for 30 years plus an extra 25 percent when annual turnover exceeds 9 million euros. The other terms remain the same as those spelt out in the tender.

Sources say that the company owned by the Laskaridis family intends to turn the 13,000-square meter property into a four-star hotel unit. The building used to house the King’s Palace hotel.

The building, flanked by Kriezotou Street, also attracted bids from the Mousamas Group (which operates the Crowne Plaza and Holiday Inn hotels), the Greek-Turkish Salfo-Varyap consortium, and a Greek-German investment group represented in Greece by KCI Invest.

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