ECONOMY

King George Hotel closes for full facelift

The King George Hotel at Syntagma Square shut down on Wednesday as a complete renovation gets under way, part of its investment program.

The hotel, owned by Eurobank and leased by Lampsa SA, which owns the adjacent Hotel Grande Bretagne, has closed down following its handover by the previous leasing company.

The Lampsa management expects the five-star unit to reopen in mid-May or by early June at the latest.

According to the estimates Lampsa had made before receiving the hotel, the investment will cost between 1.5 million and 2 million euros.

The agreement for the 20-year lease of King George provides for a minimum annual rent of 700,000 euros, plus an extra payment based on the hotel’s turnover.