According to a global survey on commercial real estate carried out by CBRE, a Global Commercial Real Estate Services firm, Greece ranks in the top 5 favorite investment destinations for hotel units in Europe.
As previously reported by OT, more than 60 hotel projects are set to be developed in Greece over the next four years. According to the “Greek Market Report | Hotel Investments 2024 – 2027” by Travelworks Public Relations, four out of ten will operate under international brands.
The CBRE study, expected to be fully released in the coming days, revealed that Spain has surpassed the United Kingdom as the preferred destination for hotel investors this year, following a series of major deals in the Southern European country.
The UK dropped to the second position while completing the top five destinations for capital development this year Italy, France, and Greece.
Many hotels are slated to open in Athens in the next two years, including the “91 Athens Riviera,” a luxury camping facility managed by Domes Resorts. Offering 19 suites the boutique hotel owned by the Lampsa Hellenic Hotels Group is scheduled to open in September 2024, offering 19 suites.
Grecotel is adding another hotel to its portfolio, the Roc Club Hotel, which will open in May 2024 near Lake Vouliagmeni.
In 2025, two Hilton brands are slated to make their open their doors. Conrad Hotels & Resorts and Conrad Residences will occupy the former Hilton Athens property, offering 280 rooms and suites.
Additionally, Waldorf Astoria Residences will feature 50 apartments on the same property, in collaboration with TEMES SA – a leading investor, developer, and operator in the high-end tourism and real estate sector in Greece – and the Olayan Group – a privately-owned global enterprise that invests across listed equities, private equity, debt, and real estate, representing an investment of 1.34 billion euros.
