New hotel in the center of Athens (Psirri), Greece

Additional information is provided after the signing of an NDA

New hotel in the center of Athens (Psirri), Greece

12,493,000 €
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Total area: 4,456 m² Yield: 6.0%
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Features
  • Operating Incomе: 720,000 €
  • 8-floor building
  • Occupancy: 100%
  • Notary (state registration): 1.5%
  • Broker: 2.0%
  • Total rooms: 101
  • Hotel rating: 4

A new hotel in the historical center of Athens.

Description

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.

Financial performance

Average annual income is 720,000 €.

The current yield is 6.0%.

Tenants

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 €.

Transaction costs

Notary — 1,5%.

Legal services — 1.5% + 24% VAT.

Brokerage fee is 2% + 24% VAT.

Location

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

Statistics in Athens

Price per m², €
1,513
Healthcare efficiency level
54
Index 54 from 100

The index reflects how respondents rank the overall level of healthcare quality, professionalism of medical staff, quality of equipment, cost of services, etc.

Safely rate
51
Index 51 from 100

When evaluating the crime level, Numbeo survey respondents (local residents) have shared their expectations of how safe would a lone walk in the part be for them during the day and night.

Real estate Price, €
Apartment in the city centre, m² 1,512.65
Apartment in a bedroom community, m² 1,632.77
Transport Price, €
Public transport, 1 ride 1.4
Monthly travel card 30.0
Taxi, 1 km 0.74
Petrol, 1 l 1.55
Food Price, €
Water, 1.5 l 0.88
Milk, 1 l 1.23
White bread, 500 g 0.81
Eggs, a dozen 3.06
Chicken fillet, 1 kg 6.85
Education Price, €
Kindergarten, per month 356.01
International school, per year 6,720.7
Health care index
Staff competence 62.14
Medical equipment 58.17
Research accuracy and completeness 56.52
Attitude towards patients 56.87
Security index
Crime rate 51.95
The risk of being robbed 46.8
The risk of car theft 53.96
The risk of break-in and property damage 56.03

The data is provided by numbeo.com and based on the answers of its users.
Tranio does not guarantee its reliability.

Show the entire statistics

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Enquire about this hotel
Julia Morozova
Julia Morozova
Senior Investment Consultant
+44 17 4822 0039
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    • Bank financing from 3.5% annually
    • Construction site audits
    • Management company services
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