Henderson Park, the European real estate investment platform founded by Nick Weber, and international real estate firm Hines have acquired the former Ledra Marriott hotel in central Athens for €33 million.
The prime hotel is located on Syngrou Avenue, with 315 rooms across 8 floors, and a roof top restaurant and pool with panoramic views of the city and the Acropolis.
The asset was acquired at a judicial auction in Athens, and represents the first entry into the Greek market for both companies.
Nick Weber, Founding Partner of Henderson Park, said: “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. 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. 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.”
Lars Huber, CEO of Hines Europe, said: “Hines has actively been exploring investment opportunities in Greece for some time under the leadership of our Athens based country head Paul Gomopoulos. We are very pleased to be making our entry into this market with the Ledra Hotel in our first transaction alongside our partner Henderson Park. 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.”