EFKA assets set to turn into hotels
EFKA, the country’s main pension fund, is proceeding with the utilization of an important asset, the building at 16 Praxitelous Street, very close to Klafthmonos Square in central Athens.
A tender was recently announced for the 1,152-square meter building, aimed at its renovation with an end goal of turning it into a hotel or another form of tourism accommodation, via a long-term lease. According to the terms of the tender, the interested parties will have to submit their offers on October 1. They will also undertake the obligation to carry out investments of at least 2 million euros to upgrade the property. The holding period is 30 years, with the right to renew for an additional 10 years (i.e. 40 years in total), while the minimum monthly rent is set at €8,000.
At the same time, EFKA is attempting to repeat the tender procedures for another significant building. It is the former Athens Court of Appeal (previously the Ambassadeur hotel), located behind Omonia Square, at 65-67 Sokratous Street. The goal is to convert the property into a four-star hotel. However, the tenders to date have been declared fruitless as they did not attract bids.
