Highgate, Eternam acquire 191-room Athens hotel in Greece entry
Highgate’s first Greek investment includes planned renovations to the Zafolia Hotel Athens, with financial terms undisclosed.
Highgate and Eternam have acquired the 191-room Zafolia Hotel Athens in downtown Athens, marking Highgate’s first investment in Greece. Financial terms were not disclosed.
The upscale lifestyle hotel includes a seasonal rooftop pool and garden and holds Green Key environmental certification. The partners plan to renovate its guestrooms and public areas, although the timing, scope and cost of the work have not been disclosed.
The transaction expands Highgate’s Southern European operations. The company has a portfolio in Portugal and is seeking further opportunities across urban hotels and destination resorts in the region.
For Eternam, the acquisition is the second investment by Alcyon Hospitality Europe, following its purchase of Hilton Garden Inn Rome Claridge in July. Eternam says the fund plans to deploy approximately €60 million of equity over the next 18 months, a stated investment intention rather than a completed outlay.
Hotel Management Network, a GlobalData-owned brand, originally reported the transaction.
