In the first half of 2025, the “Olympic” hotel in Marousi, on Kifissia Avenue, is expected to be reopened by the REDS-SWOT duo, which leased the property owned by the Hellenic Olympic Committee.

The two sides are expected to proceed with a “facelift”, amounting to about 3 million euros, of the property which was operating until last March as the 4-star unit ”Civitel Olympic” by the Civitel group, aiming to create a fully modernized hotel unit, in an area that essentially has no significant hospitality infrastructure, while it is also ideal for business meetings/events due to the wider business center of Maroussi.

Yesterday, the contract for the 25-year lease of the hotel property was officially signed between the Hellenic Olympic Committee and the joint venture of REDS, a member of the ELLAKTOR Group (70%) / SWOT Hospitality (30%), with a 10-year extension right, owned by the former. This is, as stated, “a strategic choice of the two companies, due to its privileged location close to major shopping centres, businesses, the Helexpo exhibition center, hospital complexes, etc. In addition, the renovation and reopening of this hotel unit responds to the lack of accommodation in the wider area for visitors with easy access to and from Athens International Airport.”

The reconfiguration of the buildings, with a total area of 5,725 sqm and eight floors, through their repositioning in the market, is being carried out “taking into account the integration of sustainable development values”, with the hotel likely to operate under a new brand that will be “run” by SWOT Hospitality, which has many years of experience in the management and operation of high quality tourist units both in Greece and abroad.

According to Ioanna Drettas, CEO of REDS, “the project is part of the company’s broader business strategy, which is based on identifying and investing in properties with high potential for development, their maturation, and/or their management in order to maximize their value.”

For the investor duo, the partnership cements a relationship that began some years ago, when SWOT’s George Konstantinidis was at the helm of REDS (he left in 2023), as part of the latter’s first opening in the tourism sector with the “Little Hellinikon” project in Gournes, Crete, and Alimos Marina. SWOT has also taken over the management and refurbishment of the Corfu Palace, which last year passed into the ownership of Henry Holterman, head of Reggeborgh Invest, which has been linked to REDS as a major shareholder.

The tender for the “Olympic” hotel attracted well-known names in the market, including Monterock with Petros Stathis, known for business inside and outside Mykonos with “Nammos”. The REDS – SWOT partnership won the bid, with SWOT for its part now acquiring a presence in the hotel management sector in the northern suburbs, in addition to the centre of Athens, with the “Moxy Athens” in Omonia and the southern suburbs with the 5-star “Glyfada Riviera”.