The municipality of Athens issued the permit for the conversion of a 6-level classical building in downtown Athens into a hotel.
The decision was reached after the competent services of the Athens council cleared the application made by the owner of the structure “The Cohort S.A which is based in Kolonaki.
About 30 new licenses have been issued in approximately one year for the construction and operation of new hotels in the capital, indicative of the interest that has remained high by Greek and foreign groups for the Athens hotel market.
Investor interest is rising in Athens, as entrepreneurs are looking mainly for buildings to modify and operate as hotels. However, the pace of investment in new hotels lags in comparison to the growth rate recorded in recent years regarding arrivals in Athens. This, among other things, is due to the fact that much of the traffic is now absorbed into short-term accommodation.