The Hungarian Indotek Group is expanding in Greece with the acquisition of a three-star, 124-room hotel, marking its entry into the Greek hotel market.
As Piac & Profit reported, Oscar Hotel Athens is the Group’s first real estate acquisition in Greece, adding over six thousand square metres of space to its international real estate holdings. The company aims to reopen the hotel, which is currently closed, as soon as possible after a full renovation.
The three-star Oscar Hotel Athens has been acquired by Indotek Group from NBG Bank of Greece, with the aim of operating it on a long-term basis following a complete renovation, the investment management group said.
As eco.hu wrote, the hotel is in an excellent location, close to the Athens railway station, just a few kilometres from the ancient Athenian agora and the city centre. The five-storey hotel has 124 rooms, an outdoor swimming pool, a private bar, a restaurant, and a conference room.
With the purchase of this hotel in Greece, Indotek Group will be present in a total of 12 countries outside Hungary. The purchase is part of the Group’s international expansion strategy, which aims to diversify both geographically and in terms of property types, as Indotek Group is continuously looking for potential investment targets in Central and Southern Europe, among others, in addition to the Hungarian real estate market.
As we can read in Magyar Építők’s article, Marcell Pintyőke, Marketing Manager of Indotek Group, said
“Indotek Group is currently a successful investor and developer in 12 countries. Our international success and successful expansion strategy are based on decades of experience in the real estate market and up-to-date expertise. Thanks to this transaction, we have further strengthened our presence in the South-East European region.”
He added that Greece has long been on their radar, owing to its vibrant tourist industry offering a wealth of investment opportunities. Indotek Group has extensive experience in the hotel market, having renovated and successfully operated several hotels in Hungary, and they will use this experience to renovate the Oscar Hotel Athens.
Source: Piac & Profit, Magyar Építők, eco.hu