Athens attracting hotel groups

Dozens of new hotels are expected to open in the center of Athens in the next few years, as the anticipated growth of tourism in the capital has generated fresh investments, either being spent on renovating and reopening existing units or giving decrepit office buildings a total makeover, while demand for empty buildings to be used for tourism purposes is soaring.

The big winners as a result of this trend have been social security funds such as the Single Social Security Entity (EFKA), the Army Pension Fund (MTS) and other smaller ones that possess a considerable number of properties in the city center and until recently were unable to utilize them due to lack of demand.

The most recent move concerned a hotel at 21 Kaningos Street that belonged to the auxiliary fund of insurance workers. This 3,500-square meter property has a four-star hotel license, but has remained...