Henderson Park and Hines have entered into a franchise agreement with an affiliate of Hyatt Hotels Corporation to operate the former five-star Ledra Hotel in central Athens, Greece, as Europe’s third Grand Hyatt hotel.
The centrally located hotel on Sygrou Avenue in Athens is currently undergoing a major redevelopment to create 309 room across ten floors with a rooftop restaurant and pool with views of the city and the Acropolis. Completion is expected in the third quarter of 2018.
The specialist asset manager of upscale and luxury hotels, Kokari, part of the Y&T Daskalantonakis Knossian Group, has been instructed as operating partner, and will be responsible for managing the hotel.
Henderson Park and Hines acquired the building in June 2017, in what was the first investment by both companies in Greece.
Nick Weber, founding partner of Henderson Park, said: “Our investment was driven by a recognition of both its pre-eminent standing as an historic luxury asset as well as by the huge potential we believed it offered.”
Lars Huber, chief executive of Hines Europe, said:“The purchase of the hotel played to Hines’ strengths of repositioning and asset management, undertaking a major renovation to deliver high-quality hotel accommodation in the centre of Athens.
“Our decision to enter a franchise agreement with Hyatt is the next stage of that repositioning, bringing the global Grand Hyatt brand to the Greek market for the first time.
“Hines has been actively assessing opportunities in the Greek market for some time and we continue to seek out investment options.”
Henderson Park and Hines have entered into a franchise agreement with an affiliate of Hyatt Hotels Corporation to operate the former five-star Ledra Hotel in central Athens, Greece, as Europe’s third Grand Hyatt hotel.
The centrally located hotel on Sygrou Avenue in Athens is currently undergoing a major redevelopment to create 309 room across ten floors with a rooftop restaurant and pool with views of the city and the Acropolis. Completion is expected in the third quarter of 2018.
The specialist asset manager of upscale and luxury hotels, Kokari, part of the Y&T Daskalantonakis Knossian Group, has been instructed as operating partner, and will be responsible for managing the hotel.
Henderson Park and Hines acquired the building in June 2017, in what was the first investment by both companies in Greece.
Nick Weber, founding partner of Henderson Park, said: “Our investment was driven by a recognition of both its pre-eminent standing as an historic luxury asset as well as by the huge potential we believed it offered.”
Lars Huber, chief executive of Hines Europe, said: “The purchase of the hotel played to Hines’ strengths of repositioning and asset management, undertaking a major renovation to deliver high-quality hotel accommodation in the centre of Athens.
“Our decision to enter a franchise agreement with Hyatt is the next stage of that repositioning, bringing the global Grand Hyatt brand to the Greek market for the first time.
“Hines has been actively assessing opportunities in the Greek market for some time and we continue to seek out investment options.”
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