3-Star Hotel outside of Rethymnon-Crete (with a plan to upgrade into 4-Star)
The hotel is located 7 km away from the city of Rethymnon and 80 km from Chania and Heraklion. During the summer months, there are flights to and from international destinations on a daily basis. Both Heraklion and Chania have airports.
The plot is 17.426 m2. The lodge is 2 minutes away from the sandy beach (and it has a view of the beach)
The part of the hotel that has already been built consists of 6 buildings. There are 29 apartments which have a capacity for 80 beds. If the expansion project gets implemented the new hotel will have a capacity for twice as many beds. The current building area is 1637 m2 with a 1250 m2 basement and there are architectural plans for an extra 1848 m2. Within the facilities, there is a 296 m2 pool with sunbeds and a 33 m2 children’s pool.
There is a parking lot.
The construction works began in 2000 and ended in 2002. It was renovated recently.
The basement area can be used to create gym, sauna, spa, and rooms for multiple uses that are not included in the calculation of the structure factor and in the area that surrounds the buildings there can be a tennis court, children’s playground and space for other activities.
After the expansion work is done the hotel will have capacity for 120 rooms. Also the current hotel facilities will be renovated so that the hotel gets upgraded into a 4-Star one. There will also be a second big pool.
Purchase Price for the hotel in current condition: 4.500.000 Euros
Expansion Construction Works Cost: 2.800.000 Euros
Renovation Cost: 1.000.000 Euros
Construction Permit and Permit from the Greek Tourism Organisation costs: 250.000 Euros
Equipment Costs: 500.000 Euros
Value Added Tax for construction works, permits, supply networks: 1.500.000 Euros
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