ECONOMY

Athens hotels attracting Israeli firms

athens-hotels-attracting-israeli-firms

Israeli groups have begun to play a dominant role in the Athens hotel market, originating both from the hospitality sector and real estate.

Israeli investments in Athens hotel units increased considerably over the course of the last year in a sign of increasing confidence on the part of Israeli investors in the prospects of the Greek economy and tourism in the capital as Athens aspires to turn into a major city break destination for foreign visitors.

For example, the Brown Hotels group is focused on the Omonia Square area, as after reopening the former Athens Acropol under the new name Brown Acropol a few weeks ago, the group has obtained a permit for the reconstruction and operation of the building on the corner of Veranzerou and Kotopouli streets as a hotel. Brown has also sublet the former La Mirage hotel as part of its plan for 11 hotels in total in Athens and Thessaloniki.

Fattal, the biggest hotel group in Israel, is preparing two units in Athens, including the former Esperia Palace. Meanwhile the Zoia Fund property investment company is developing two boutique hotels on Aiolou and Nikiou streets.