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Luxury Hotel in Evia – A Hotel Development Proposal
Hotel development proposal of a waterfront hotel in Evia (also known as Euboea) located at 2 hours driving distance from Athens. The property is owned by the Greek state and is currently abandoned and in a distressed condition. The plot is 19.433 m2 and the buildings 6.747 m2. The waterfront has a length of 370 meters. Currently, the state law doesn’t allow to build that close to the waterfront.
The proposal includes the acquisition and the full renovation and reconstruction of the existing buildings into a 4 or 5-star luxury hotel unit or alternatively into luxury apartments, a current trend in the tourism industry.
The acquisition cost is less than 50% of the property’s commercial value due to the current economic crisis. All the above developments can receive a tax credit that is equal to 30% of the total development costs (licensing, construction, equipment). That amounts to approximately 6-8 years of operation with tax-free profits.
Due to the unique location (right on the waterfront with an unobstructed view of the sea and next to a beach with crystal-clear waters), the hotel is ideal for various water-sports, snorkeling activities, and healing facilities.
The surrounding area.
The hotel is situated right next to a complex of luxury stone-villas, very close to a picturesque small village and 15 minutes away from a vibrant city with a big commercial center, all public services, a hospital, restaurants, and nightlife.
DEVELOPMENT PROPOSALS
A. 4* Hotel, with 125 rooms, 302 beds, 350 m2 pool with a pool-bar, restaurant, cafe-bar, gym, tennis court, playground, indoor stores, water-sports (scuba diving, water-skiing, windsurfing), conference hall with a capacity for 180 people.
Development cost (that includes the acquisition of the property): 9.800.000 Euros
B. 5* Hotel, with 82 rooms, 244 beds, 350 m2 pool with a pool-bar, restaurant, cafe-bar, spa, gym, tennis court, playground, indoor stores, water-sports (scuba diving, water-skiing, windsurfing), conference hall with a capacity for 180 people.
Development cost (that includes the acquisition of the property): 13.500.000 Euros
C. Luxury Furnished Apartments. 36 apartments (50 m2 -108 m2), 5-15 bungalows, 350 m2 pool with a pool-bar, restaurant, cafe-bar, spa, gym, tennis court, playground, indoor stores, water-sports (scuba diving, water-skiing, windsurfing), conference hall with a capacity for 180 people.
Development cost (that includes the acquisition of the property): 13.500.000 Euros
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