City hotels are a priority for property investment companies

City hotels are a priority for property investment companies

Property investment companies are expected to swing further towards the tourism sector, particularly in the city hotel domain, as was the case this week with the acquisition by listed firm Grivalia Properties of such a property in Thessaloniki.

The listed building of Olympos Naoussa in Thessaloniki was bought by Grivalia for 5.46 million euros through a tender conducted by Eurobank. The company, in cooperation with Macedonian Hotels, will create a 50-bed boutique hotel.

Last year Ethniki Pangaea bought Moreas Beach, and this week it announced that after renovations conducted by the leaseholder, the property in Patra will be operated by Moxy Hotels: This is the trade name of Marriott International since September 2014 and will make its debut in Greece via this city hotel.

That is also the plan of a brand-new company named Ble Kedros Real Estate Investment Company and owned by the Evmorfidis family, known for the houseware brand Coco-Mat. It is exclusively active in the city hotel sector, owning two units in Athens, Coco-Mat Hotel Nafsika in Kifissia and Coco-Mat Hotel Athens in Kolonaki.

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