ECONOMY

Myconos hotel woos dozens of suitors

myconos-hotel-woos-dozens-of-suitors

Privatization fund TAIPED has seen major interest in the sale of a Myconos-based hotel it controls, having cashed in more than 26 million euros in the last nine months from such assets.

The fund has quietly boosted its revenues through the sale and concession of various state-owned real estate properties, which are small and medium-sized assets that enjoy strong demand, according to TAIPED oficials.

Now the sale of the Leto Hotel on Myconos appears to have attracted the interest of at least 50 companies from Greece and abroad, which have requested details on the unit’s auction. They are major tourism enterprises as well as investment funds and the online tender is expected to take place via the electronic platform e-PublicRealEstate on March 31.

Built in 1952, the Leto Hotel has unique value because it has an enviable position in the center of Myconos Town. It is just a few kilometers from the airport and the island’s new port. It is also one of the biggest buildings on Myconos, covering 2,000 square meters.

The four-star hotel unit has 25 rooms and 48 beds and is leased up to 2028 for 200,000 euros annually, which will rise to 250,000 euros from 2018.