Five parties interested in Athens Ledra

The upcoming tender to find an operator for the Athens Ledra hotel has attracted the interest of three domestic and two foreign investors, according to banking and real estate sources. However, those investors are not interested in offering anywhere close to the redetermined asking price level of 48 million euros.

That is why the process scheduled to take place in about a month?s time could be declared barren and repeated at a later date. The tender has already been postponed twice, and last time, in May, the price was adjusted to the above level.

Sources familiar with the positions of the foreign investors say that the fact the hotel unit requires refurbishment, and the potential capacity of some 350 rooms, may take the price even lower. Sources close to a US fund interested in the hotel said that the marginally attractive price rate would amount to 100,000 euros per room (i.e. around 35 million euros). However, the location of the hotel (on Syngrou Avenue) and its strong brand name should work in favor of its overall value. The Athens Ledra stopped operating as the Ledra Marriott at the end of 2013, after three decades.