Hines, Henderson Park Enter Hotel Market in Greece

The joint venture paid $37 million to acquire Athens Ledra Hotel, an eight-story, 315-key property at 115 Syngrou Ave. in central Athens.

Athens Ledra Hotel
Athens Ledra Hotel

Hines, in partnership with Henderson Park, acquired the Athens Ledra Hotel, formerly known as the Ledra Marriott, in central Athens, Greece, for $37 million. 

Located at 115 Syngrou Ave., the eight-story, 315-key hotel offers free Wi-Fi, a 24-hour business center, a rooftop terrace, a beauty shop, coffee shop, restaurant, cafe, an outdoor pool, spa and wellness center, a health club, a fitness center, a sauna, a tennis court and meeting space. 

International Growth

“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, in prepared remarks. “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 reopening under a new brand next year.”

The asset was acquired at auction and represents the first entry into the Greek market for both companies.

Image courtesy of Hines