Mykonos hotel attracts interest from international bidders

Hotel Leto

In Greece,  privatization fund TAIPED has seen "major interest" in the sale of a Mykonos hotel controlled by the Greek state, according to a Kathimerini daily report.

At least 50 international and domestic bidders have expressed interest in the sale of the Leto Hotel, and have requested details on the unit’s auction. The bidders include major tourism enterprises as well as investment funds. The online tender is expected to take place via the electronic platform e-PublicRealEstate on March 31.

Built in 1952, the four-star hotel is leased up to 2028 for 200,000 euros annually, which will rise to 250,000 euros starting in 2018.

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TAIPED has increased its revenues through the sale and concession of various state-owned real estate properties, mostly small and medium-sized assets that officials say show strong demand. The fund has collected more than 26 million euros in the last nine months from the sale of similar assets.

Source: Greek Reporter

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