The contract for the 25-year lease of a hotel property, with the right to extend for 10 years, owned by the Hellenic Olympic Committee and the joint venture REDS, member of the ELLAKTOR Group (70%) and SWOT Hospitality (30%), was signed.

The hotel, located in Maroussi on Kifissia Avenue, is a strategic choice of the two companies due to its privileged location near major shopping centres, businesses, the Helexpo exhibition centre, hospital complexes, etc. In addition, the renovation and reopening of this hotel unit responds to the lack of accommodation in the wider area for visitors with easy access to and from Athens International Airport.

The redevelopment of the buildings, with a total surface area of 5,725sqm and eight floors, through their repositioning on the market, is carried out taking into account the integration of sustainable development values.

Ms. Ioanna Drettas, CEO of REDS, stated, "The project is part of the company's broader business strategy, which is based on identifying and investing in properties with high potential for development, maturing them, and/or managing them in order to maximize their value."

SWOT Hospitality, a reputable company with many years of experience in the management and operation of high-quality tourist units both in Greece and abroad, will oversee the new hotel complex.

According to Mr. George Konstantinidis, the founder of SWOT Hospitality, "We are expanding our presence in the hospitality sector by leasing a new unique hotel property in the heart of the capital's business and commercial market, continuing our growth strategy by choosing innovative and sustainable investments." Our partnership with REDS and Hellactor Group is based on shared values and objectives, combining the experience and expertise of the joint venture in high-quality projects. True to modern standards of quality and service, we are committed to providing our guests with yet another outstanding hospitality experience."

DELOITTE acted as financial advisor in the open public tender process for the selection of the tenant/investor.