The banks that own the hotel, which was built in the early 70s but never operated, are reportedly close to a deal with the US group. The price is estimated to exceed €20 million, however it has not been disclosed by those involved.
The so-called "Junta Hotel" was built amphitheatrically on an area of 65 acres along the avenue, and includes the main unit and two rows of bungalows.
Based on the plan, it would have a total capacity of more than 400 rooms.
The works to complete it, but also to reshape its countries, are expected to be completed within 18-24 months and to exceed €50 million in cost.
The new five-star hotel, which will be created, has access to the sea through an existing underground tunnel, which connects the main area with the beach, passing under the coastal highway. The investment plan concerns the completion of the unfinished hotel and the development of a new 5-star hotel, with a total capacity of 835 beds, which when completed will be one of the largest hotels in Attica.
Its management will be transferred to Hospitality ELLA Resorts S.A. the private hotel management company of the group, which already controls - directly or indirectly - more than 10 hotels in Rhodes, Crete, Corfu. The goal of the fund is to reach 6 thousand beds in Greece and 10 thousand in the Mediterranean.
The inclusion of other hotels, outside of Greece, where the group has a presence such as in Spain and Italy, is being considered on the "ELLA Resorts" platform.
