Aviation Share Fund, which is the owner of the legendary hotel La Mirage in the city centre, is looking to lease out the property to an prospectful investor for 5 million Euros, with the aim to renovate the building. The owners decided to revive the building and start gaining profit again instead of letting it end up as a student residency or a refugee camp, solutions which were suggested after its lockdown in 2008.
The owners believe that the opening of two more hotels in Omonoia, the Athens Tiare and the Wyndham Grand are indicators that something is changing in the area. For many years, the city centre was abandoned because of the financial crisis in Greece, as well as the overall social degradation in the area, but now it seems that investments can actually be more successful.
The duration of the concession of the La Mirage is set to 40 years, while the starting annual renting price is 26.000 euro (plus tax) for the first year and will be later adjusted at 3%. The investor will also have to pay the 1,7% of the annual turnover of the property. The bids will be submitted in November and after the agreement is signed, the renovation will last approximately two years.
The property is situated in M. Kotopouli Street, has a total surface of 9.392 m2 and consists of the main building of the hotel (ground floor, two basements, first floors, 8 more floors and a roof), as well as two stores.
The La Mirage was built in the late 70s and had 208 rooms and was considered as one of the biggest investments in the busy city trade centre. The hotel saw its heyday during the Olympic Games of Athens and after that it slowly started losing its glamour and finally closed in 2008.
