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Funding
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Private Listing - Distressed Hotel in Athens city centre, Greece

Athens
,
Greece
DEAL
001092
POSTED ON
October 8, 2020
INVESTMENT SUMMARY
IRR
NA
Multiple
NA
LTV
NA
First Year CoC
NA
Stabilised CoC
NA
Status
Funding
Deal #
001092
Asset Class
Hospitality
Strategy
Opportunistic
Capital Type
Full Stack
Deal Size
5.5
m
Investment Size
5.5
m
Holding Period
NA
INVESTMENT HIGHLIGHTS
  • The property is a 3* star hotel comprising of 124 rooms / 207 beds, 41 single rooms, 81 double rooms and 2 suites. It  consists  of  3  basements  (parking,  storage)  and  8 above ground floors. The  property  is  located  in  Athens  city  center,  across  the Central Rail and Metro station “Larissa Station”. Easy access to ancient sites   and   other   tourist   attractions,   such   as   the   Acropolis,   the Parthenon,  the  Plaka  Area  and  the  Parliament  Building  on  Syntagma square.  
  • The property was built in 1974   and   partially renovated  in    2004  (new  electrical  and  plumbing  installations,  new tiles  in  the  bathrooms,  new  carpets  on  the  floors). Hotel facilities include a Restaurant  “Dionyssos”  (capacity  up  to  350  persons)  at  the mezzanine level; Two conference halls “Athena Hall” and “Artemis Hall” (capacity upto   60   persons   each);   and,  an outdoor  swimming  pool  including  the  “Apollo  roof  garden  bar” on the 7th floor.
  • The plans for the redevelopment of the railway station led to a significant on-going growth in terms of development of real estate in the area with opening of office buildings, retail properties, bars and restaurants in the adjacent area.
  • Accessible by metro and several bus lines, as well as car via Loulianou Street and Konstantinoupoleos Avenue. Omonia Square, Pedion Areos and the Archaeological Museum are all 10′ on foot. The distance to the E. Venizelos Airport is 29 km,  12 km from Piraeus Port and 3 km from Interurban Bus Terminals.  
  • The asset is owned by a local bank as it was distressed and a tender process is being arranged that will be completed by mid November 2020. The estimated selling price is €5m - €5.5m. This opportunity has been brought by a local advisor close to the process.
KEY DEAL POINTS
KEY FINANCIALS
ABOUT SPONSOR
Private Deal
An off-market opportunity, details of which are available by invitation only.
FURTHER IMAGES
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LOCATION
DEAL DATA ROOM
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CONTENT RESTRICTED

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INVESTMENT SUMMARY
Strategy
Opportunistic
Asset Class
Hospitality
LTV
NA
Deal Size
5.5
m
Closing
Capital Type
Full Stack
Investment Size
5.5
m
Net IRR
NA
Multiple
NA
Holding Period
NA
INVESTMENT DETAILS
  • The property is a 3* star hotel comprising of 124 rooms / 207 beds, 41 single rooms, 81 double rooms and 2 suites. It  consists  of  3  basements  (parking,  storage)  and  8 above ground floors. The  property  is  located  in  Athens  city  center,  across  the Central Rail and Metro station “Larissa Station”. Easy access to ancient sites   and   other   tourist   attractions,   such   as   the   Acropolis,   the Parthenon,  the  Plaka  Area  and  the  Parliament  Building  on  Syntagma square.  
  • The property was built in 1974   and   partially renovated  in    2004  (new  electrical  and  plumbing  installations,  new tiles  in  the  bathrooms,  new  carpets  on  the  floors). Hotel facilities include a Restaurant  “Dionyssos”  (capacity  up  to  350  persons)  at  the mezzanine level; Two conference halls “Athena Hall” and “Artemis Hall” (capacity upto   60   persons   each);   and,  an outdoor  swimming  pool  including  the  “Apollo  roof  garden  bar” on the 7th floor.
  • The plans for the redevelopment of the railway station led to a significant on-going growth in terms of development of real estate in the area with opening of office buildings, retail properties, bars and restaurants in the adjacent area.
  • Accessible by metro and several bus lines, as well as car via Loulianou Street and Konstantinoupoleos Avenue. Omonia Square, Pedion Areos and the Archaeological Museum are all 10′ on foot. The distance to the E. Venizelos Airport is 29 km,  12 km from Piraeus Port and 3 km from Interurban Bus Terminals.  
  • The asset is owned by a local bank as it was distressed and a tender process is being arranged that will be completed by mid November 2020. The estimated selling price is €5m - €5.5m. This opportunity has been brought by a local advisor close to the process.
INVESTMENT HIGHLIGHTS
Funding
SUMMARY
Opportunity to acquire a distressed hotel in the historical city centre of Athens. The hotel has 120 keys and presents great value add opportunity. It is owned by a local bank and there is a tender process in place that will close by mid November 2020. Expected price will be in the €5m - €5.5m range.
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Dashboard
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Reservation
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Meeting
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