The center of Athens, and particularly Omonia Square, was among the first “victims” of the degradation caused by the economic crisis, which also affected the city’s tourism image. However, the area has now evolved into a strong tourism hotspot, with numerous hotel investments, entries by major international chains, public properties being repurposed into hotels, and many more opportunities emerging, according to those closely following tourism real estate and scouting for investment opportunities.
Progress of Major Investments in the Center
The investment in the Schliemann-Mela Mansion by the Mitsis Group, transforming it into a luxury hotel, is considered one of the most challenging projects currently underway. The historical significance of the building, located at the intersection of Panepistimiou 46 and Charilaou Trikoupi Streets, along with construction challenges and the additional structure in the courtyard housing the Ideal Cinema, makes this new hotel project particularly complex.
The Mitsis Group’s plan for the complete renovation of the Schliemann-Mela Mansion into a 5-star hotel has been extended until April 2027. The “Ideal Hotel Single-Member S.A.” company received approval from the e-EFKA board for an extension of the investment completion deadline by one year. Additionally, a six-month extension, beyond the initial three years, was granted for the rent payments, now due by October 9, 2026.
The listed property, owned by EFKA, was secured through a public auction by Mitsis Hotels for a monthly rent of €70,000, with a 35-year lease agreement and a 10-year extension option. The investment is estimated at €36 million and is expected to create at least 150 new jobs.
Built between 1880 and 1890, the building is part of a complex of four houses constructed by Heinrich Schliemann on Panepistimiou Street. Designed by Ernst Ziller, it includes a ground floor, mezzanine, and four upper floors, with a total area of 7,115.62 square meters.
Brown Hotels’ Developments
The Israeli Brown Hotels chain, led by Leon Avigad and Nitzan Perry, entered the Greek market four years ago and now has 12 hotels in its portfolio, including six in Athens (Brown Acropol Athens, Villa Brown Ermou, Dave Red Athens, Brown Kubic, Villa Brown Athinas, and Brown Spices in Psiri). The group is opening the Museum Hotel on Bouboulinas Street with 93 rooms and Brown Domino on Themistokleous Street with 46 rooms in the city center.
Construction on Patission Street
Construction is rapidly progressing on the plot at Patission and Marnis Streets, opposite the National Archaeological Museum, where the historic summer theater “Athinaion” once stood.
The investment, carried out by the French fund Boissée Finances, associated with the Accor Group, involves the construction of two hotel units. The investment exceeds €33 million. The plot covers 1,915 square meters and is owned by the Triantio Professional and Industrial School of Patras, leased to Boissée for 50 years.
The plan includes the construction of two 3-star hotels under the international brands Ibis Styles and Ibis Budget, managed by Elastik Hotel. The total capacity will reach 327 rooms, spread across nine floors, with 127 parking spaces in four underground levels. The top floor will feature a restaurant, bar, pool, and pool bar.
Vision Omonia Athens
Among the new additions to the hotel market is the Vision Omonia Athens, which opened in May. Located at 36 Chalkokondyli and 3rd September Streets, near the National Theater, this seven-story former office building (built in 1955) has been transformed into a hotel with 42 rooms, studios, and suites, a gym, a 32-square-meter infinity pool on the rooftop, and a ground-floor restaurant.
The office building was acquired by Finders, a real estate investment company owned by Israeli Amir Mamou, who has been purchasing properties in Athens since 2014, with a keen interest in the Omonia area. Future plans include Vision Gazi with 20 apartments in Gazi, Vision Metaxourgeio with 11 apartments in Metaxourgeio, and Vision Museum.
Seeking an Investor
A historic property still seeking an investor is located at the beginning of Stadiou Street (58), owned by EFKA. Built before 1885, the property is believed to be the work of architect Lysandros Kaftantzoglou. Classified as a preserved building, it is a prime example of 19th-century Athenian neoclassicism.
The three-story building with an attic, covering a total area of 3,105 square meters, is located just 50 meters from the Omonia metro station.