US company Hines acquires Athens Ledra Hotel

14 June 2017
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Athens Ledra hotel has passed into the hands of US real estate company Hines, according to reports.

The cost of the investment was a little over 33 million euros and is the first major one in the Greek economy. The call to tender was the fifth and final one, as the previous four had been declared fruitless. Although initial reports spoke of a 37 million bid, the US real estate company, who have been seeking openings to invest in Greece, acquired the historic hotel located in the centre of Athens for 33.050 million euros.

The hotel had closed down in 2016 due to financial difficulties. after it had closed down Apart from the acquisition sum, Hines will also invest a further 10 million euros for renovation. A group of activists who had been blocking the auction proceedings every Wednesday, this time allowed the tender to go ahead. Hotel employees who had lost their jobs when it went bankrupt were also present at the auction.

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