Hines acquires Athens Ledra Hotel

One year after its closure, the Athens Ledra Hotel is passing into the hands of Sygrou 115 Hotel SA, a company controlled by US property investment firm Hines, for just over 33 million euros.

Following the departure of operating company Marriott Hotels, which had managed the unit for decades, the hotel on Syngrou Avenue shut down last year due to owner Asty SA's financial problems.

Successive auctions were held by its creditor, Alpha Bank, but it wasn't until the latest on Wednesday that finally a bid was made that cleared the 33-million-euro threshold set by the lender, which was lower than in the previous auctions.

Sygrou 115 Hotel SA offered 33.05 million and acquired the 4,304-square meter, 616 bed unit. It includes two functions halls, the "Ball Room," which can host 500 people, and the smaller "Aigaio" for up to 400 people.

On the day the property was...