US investment fund HIG has reached an agreement with the banks that own an unfinished hotel that has been abandoned for 50 years in Altea (Athens Riviera).
The foundation plans to create a five-star hotel on this site, which will have access to the sea through an existing underground tunnel connecting the main area with the beach and passing under the coastal highway.
Its management, according to Real Estate Daily Secret, will be transferred to Hospitality ELLA Resorts SA, the group’s private management company, which already directly or indirectly controls more than 10 hotels and is in talks to buy a second complex in Crete.
The acquisition price is estimated at more than 20 million euros. The hotel that began construction in the early 1970sstill under the Black Colonels junta, but never put into operation after receiving all the structural studies and certificates necessary for its transfer, will be the first HIG hotel on the east coast of Attica.
Its completion and reconfiguration (some rooms will be combined to meet the needs and requirements of current guests) is expected to be completed within 18-24 months, at a cost of more than 50 million euros.
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