Debts force Athens Ledra hotel to shut down

Debts force Athens Ledra hotel to shut down

The Athens Ledra, a luxury hotel on Syngrou Avenue, was forced into closure on Tuesday under the burden of its debts to banks and the Social Security Foundation (IKA), which are said to top 40 million euros.

The company that owns and operated the hotel, ASTY SA (a part of the Cyprus-based Paraskevaides Group), on Tuesday attributed the shuttering of the unit to financial difficulties.

It added that it will later announce more on the future of the hotel, which operated under the name Ledra Marriott until December 2013, when Marriott Hotels decided to depart from Athens.

On Tuesday more than 150 Athens Ledra employees staged a protest outside the hotel, as they have not been paid since March.

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