Rising Investor Confidence in Athens’ Hotel Sector

There is rising optimism amid new hotel launches in central Athens, as the sector's entrepreneurs promote the Greek capital as a year-round destination.

Investment activity in central Athens hotels has reverted to pre-pandemic levels, with new launches and fresh plans coming thick and fast.

This clearly constitutes a vote of confidence on the part of the chains and the sector’s entrepreneurs in the potential for the full recovery of city hotels and the long-term prospects of Athens as an international destination the whole year round.

After the high occupancy rates in July and August, even in short-term rental offerings, there is great optimism for the future, which is accelerating new investment in hotel properties. Several new units have been inaugurated over the last few weeks, mainly four-star hotels, aspiring to attract visitors thanks to their original and special interior design, their services, their location and even the architecture of the buildings that have been turned into accommodation facilities.

In this context one can find certain hotel hotspots in the capital, such as the broader area of Syntagma Square and Omonia Square, as well as at Ermou Street, Theatrou Square and other points in the heart of Athens, which enjoys the lion’s share of tourism demand.

Among the new arrivals is Soul Athens, a four-star unit with 49 rooms close to Omonia. Colors Hotels Greece has introduced its first hotel in Athens, while already boasting three units in Thessaloniki. Its Emmanouil Benaki Street hotel has 29 specially designed rooms.

Brown Hotels keeps unfolding its own investment plans: Not only is it enriching its presence near Omonia with new additions, but it is also expanding to Syntagma. This year it has launched Lighthouse Hotel on Marikas Kotopouli Street, a 220-room unit. It also started operating DAVE Red Athens, aimed at a slightly younger audience, also near Omonia, where another unit will follow by the end of this year: This will be a boutique hotel on Evripidou Street. At the same time, the Israeli hotel group’s Villa Brown Ermou is evolving, with the first 16 rooms already delivered and operating.

Other new entries on the Athens hotel scene are the 28-room Athens Utopia Hotel near Plaka, and the 35-room Hellenic Vibes, on Ermou Street.

This article was previously published at ekathimerini.com.

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