Hotel for Sale in Crete, Greece

Waterfront Hotel in Crete at Bargain Price

CONFISCATED PROPERTY OF THE GREEK STATE SOLD AT BARGAIN PRICE (2,250,000€)

Development proposal of an exclusive hotel on Crete island (Agios Nikolaos pref.), currently a distressed property of the Greek State consisting of 28.597 sq.m. land plot and 8.542 sq.m. vacant hotel buildings, sold at the bargain price of 2,250,000€.
Genecon Development proposes the acquisition and full transformation of the existing buildings into a 3* hotel of 128 rooms with all amenities including a 605 sq.m. pool and 900 sq.m. pool area with a sea view.

ADVANTAGES
• Distressed property of the Greek State, transferable without encumbrances, legally checked on all aspects. Due to the current economic crisis, the acquisition cost is less than 50% from its commercial value.
• The property consists of 28,597 sq.m. land plot and 8,542 sq.m. vacant hotel buildings.
• At 100m. distance from a beautiful beach.
• Great view of the Aegean sea.
• At 20 minutes distance from a vibrant city with restaurants, commercial center, hospital, various services and nightlife.

3* HOTEL DEVELOPMENT
Number of Rooms: 128
Number of Beds: 261
605 sq.m. Pool with 900 sq.m. pool area with Pool-bar
Restaurant, Café-bar
Gym, Tennis court, Volley court, Mini-soccer, Playground, indoor Shops
Water sports (water-skiing, scuba diving, windsurfing)
Multipurpose – Conference Hall with capacity for 235 participants

The development cost for all the above is 9,000,000€ (available Architectural plans, Feasibility study and Business plan).

ALTERNATIVE DEVELOPMENT
For bigger yields and due to the secluded location of the hotel, the hotel could be turned into a specialized unit catering to disabled people and including healing facilities. It could also appeal to elderly people from all over Europe. The latter developments could significantly extend occupancy beyond 6 months and eventually increase significantly prospect yields.


For additional information and comprehensive studies of the above investment, as well as various hotels for sale in Greece, please do not hesitate to contact us.