Henderson Park, the pan-European real estate investment platform, and international real estate firm Hines have jointly acquired the former Ledra Marriott hotel in central Athens for €33 mln.
The hotel comprises 315 rooms over eight floors. Located on Syngrou Avenue, the hotel was acquired via a judicial auction. The joint venture deal represents the debut investment into Greece for both companies.
'The Ledra hotel has a strong history of being amongst the top five-star hotels in Athens, one of Europe's top tourist destinations, and presents a significant repositioning opportunity,' commented Nick Weber, founding partner of Henderson Park. 'We have a strong conviction towards hotel investments, as demonstrated by our acquisition of Le Méridien Etoile, the largest hotel in Paris, at the end of last year.'
Weber added: 'The transaction also marks our entry into Greece, a market where we hope to make further acquisitions, and is our first deal with Hines, a globally renowned real estate investor who we are very pleased to be working with on this exciting project.'
'Hines has actively been exploring investment opportunities in Greece for some time under the leadership of our Athens based country head Paul Gomopoulos,' said Lars Huber, CEO of Hines Europe. 'We believe the asset represents an outstanding investment and repositioning opportunity, and look forward to embarking on a major renovation of the hotel, with a view to re-opening under a new brand next year.'
