New luxury hotels in Athens and Mykonos

According to information, the Venezuelan expatriate business group is launching a 5 star hotel with 150 beds in a seaside area in Mykonos Elia. The amount of the investment, excluding the purchase of the land, will exceed € 12 million and will receive € 4.8 million of aid. The group will also operate a new 5-star hotel in Kefalari, Kifissia, along with the launch of the procedures for the modernization and reopening of the former Pentelikon hotel in Kefalari.

It is noted that Pentelikon is one of the most historic hotels in Athens that has been associated with important events of the country's social, political and artistic life, having many prominent clients, including Eleftherios Venizelos. In 1944, the Pentelikon Hotel and the neighboring Cecil were in the center of violent conflicts and were besieged by men of ELAS.

The group's total investment for the former Pentelic will exceed 37 million euros. Of these, € 23.1 million was earmarked for the acquisition of all hotel land and buildings through a public forced auction. In addition, they spent around € 1.9 million on transfer costs, transfer taxes, legal fees, consultant fees, costs of preparatory work for modernization, etc. It is noted that the group received the green light for the implementation of an investment in the modernization of the hotel complex, worth approximately € 12 million. with an amount of € 3.6 million.

At the same time, however, with the modernization of the hotel in Kifissia, the group secured a budget of €650,781 for the creation of another 5-star hotel with a capacity of 20 beds in the same area. The investment will reach approximately € 2.4 million.

As it is well known, the group is also preparing the upgrade of the Mistral Hotel in Mikrolimano with the implementation of an investment program of € 5 million, which will have a support of € 2 million. The hotel will be upgraded from the three category to the four star category. Together with the purchase, the total investment for the Piraeus Hotel will exceed 10 million euros.

It is noted that the Th. Douzoglou Group also has the Leto Hotel in Mykonos, which it acquired 4 years ago from "privatization super fund" TAIPED for €16.9 million. Also 3 years ago the group bought from OTE for about €13 million a listed building, 250 meters from Syntagma Square, enclosed by Stadiou, Christos Lada, Anthimos Gazi and Kolokotronis Street. The group will operate in the 5-star hotel building with an investment of approximately €12 million and will receive €3.6 million in aid.