Greece: €6 million property to open by end of 2013 in Kolonaki, central Athens.
The property is being created by Coco-Mat, a local manufacturer of mattresses, pillows, towels and furniture for homes and hotels that has now entered the hotel sector. Its subsidiary, Coco-Mat Hotels & Resorts Worldwide will develop the boutique property above its store in central Athens.
Coco-Mat has also acquired part of the 50-room Akraion Hotel in Penteli, northern Athens, for €1.8 million, and plans to spend a further €1.2 million on renovations. The company is currently expanding its Nafsika Hotel in the northern Athens suburb of Kifissia, adding another 14 rooms to the existing 22, with a total investment of €4.5 million.
The company’s plans will be warmly welcomed in Athens, which has seen the withdrawal of hundreds of hotel beds in the last four years due to the economic crisis. It also has properties in Germany, the Netherlands, France and Belgium.