Historic Athens Ledra hotel to reopen
After two years of being shut down the Athens Ledra will make its grande return on Syngrou Avenue in 2018 bearing the name of the renowned Hyatt chain, which finally achieved one of its goals to establish a presence in the Athenian hotel market.
The investment group of the new owners, made up of American Hines and Henderson Park and the Giannis Daskalandonakis Group reached a deal with Hyatt Regency after several months of negotiation to bring the historic hotel under the Hyatt brand name, which has a strong presence in the tourism and hospitality industry on a global scale. The Hyatt Regency is the “premium” category of the Hyatt Group’s hotels with more than 160 urban hotels and resorts, all over the world – America, Europe, Asia, Australia-Pacific, Africa. The hotel’s new ownership, who acquired the hotel after an auction last summer at a price slightly higher than 33 million euros, are currently in talks to renovate the building, which will cost around 8 million euros, according to their initial investment plans.
The selection of the contractor that will do as makeover of the hotel is well under way, and is one of the new, large-scale private projects for the construction business in Athens, boosting the declining building market. The aim is to select the contractor as soon as possible in order for the work to proceed and reopen the new hotel, which was closed at the end of May 2016 due to the accumulated debts to the state, suppliers and banks.
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