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22ndannualcapital

End of summer season to witness up to 100 hotels, resorts around the country on auction

The end of the summer tourism season in increasingly tourism-dependent Greece will be marked by the commencement of property auctions involving up to 100 insolvent hotels and resorts around the country, with most of the properties having been foreclosed on by the four systemic banks in the country.

Auctions begin on Wednesday when the Doreta Beach hotel and spa, on the popular Dodecanese island of Rhodes, which on the goes on the auction block accompanied by a minimum asking price of 12 million euros.

Another high-profile commercial property up for auction the same day - Wednesdays are now reserved in Greece for e-auctions - is the Aigli hotel in the northern Evia resort town of Aidipsos, with a minimum offer set at 3.26 million euros.

Finally, the four-star and 209-room Filerimos Village resort, also on Rhodes, is up for auction the same day. A minimum offer of 5.7 million euros is set.