Real estate investment and hospitality management company Highgate has acquired the Zafolia Hotel Athens in Greece in partnership with portfolio management business Eternam.
Financial terms of the transaction were not disclosed.
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Located in downtown Athens, the upscale lifestyle hotel has 191 guest rooms and suites, along with a seasonal rooftop pool and garden.
The property holds international Green Key environmental certification.
The deal represents Highgate’s first investment in Greece and extends its Southern European operations.
The company, which has a portfolio in Portugal, is seeking further opportunities in the region across urban hotels and destination resorts.
Highgate Acquisitions senior vice-president Nicholas Mellis said: “This acquisition establishes Highgate’s presence in Greece and demonstrates Highgate’s ability to source and execute high-quality opportunities across markets.
“We are delighted to be partnering with Eternam on this opportunity, and we look forward to expanding our partnership across Europe.”
For Eternam, the acquisition is the second investment by Alcyon Hospitality Europe, following the purchase of Hilton Garden Inn Rome Claridge in July.
Alcyon Hospitality is the third fund in Eternam’s dedicated hospitality investment range.
Highgate and Eternam plan to invest in the property, including renovations to all guestrooms and public areas.
Eternam president Jonathan Donio said: “Capital cities such as Rome and Athens combine structurally resilient leisure and business demand with quality hotel assets on which we see room for further value creation.
“This is an investment thesis we intend to pursue with ambition, with the fund set to deploy approximately €60m of equity over the next 18 months.”
