A new hotel in the historical center of Athens.
Famous international consulting company valuation of € 14.5M for the building after 4* full major repairs and FF&E.
10 months renovation started in March 2019, expected opening — March 2020, but it is assumed to be quicker — December 2019.
The property includes:
- 101 rooms (344 beds)
- coworking space (168 m²)
- rooftop lounge area (324 m²)
- club area (99 m²)
Transaction type: Forward Deal, Share Deal.
Average annual income is 720,000 €.
The current yield is 6.0%.
The lease agreement with an international operator is valid for 20 years (with indexation).
The indexation from the 2nd to the 4th year is 1.4%, from the 5th year — 821,000 € + bonus, from the 3rd year — 85,000 €, from the 4th year — 100,000 €.
Notary — 1,5%.
Legal services — 1.5% + 24% VAT.
Brokerage fee is 2% + 24% VAT.
The property is located in Psirri, one of the oldest historical areas in the center of Athens. The area is known for comfortable hotels, expensive restaurants, bars and taverns with live music.
There are shops, a hypermarket, a grocery market, a bank, a cinema, several restaurants and cafes nearby.
The distance to the nearest attractions:
- flea market — 600 m
- Agora market square — 650 m
- Athens Academy of Sciences — 900 m
- Constitution square — 1.3 km
- Acropolis —1.3 km