Hotel owners seek to sell units, lower their prices

Greek tourism’s positive prospects do not seem to be detering owners of hotel units and rental complexes from selling them this year. In fact they are doing so so at even lower prices than in previous years.

A Kathimerini survey showed that hundreds of owners have put tourism accommodation facilities up for sale through estate agent websites: In total the survey found 228 ads for units on sale, with owners asking a combined sum of 1.18 billion euros.

Most are small and medium-sized units, but some bigger hotels have also come on to the market due to the unbearable costs during this prolonged crisis.

Transactions remain very limited, even though hotel owners have dropped their prices considerably. It appears sale rates remain far above the capital available for investment. For instance, a hotel at Omonia Square in central Athens had a 145-million-euro price tag in 2009, which fell to 95 million in 2011 and 70 million this year.