Hyatt Hotels has officially announced that it will open Greece’s first-ever Grand Hyatt hotel in Athens, marking yet another large investment in the country’s tourism industry.
Hyatt said that the 310-room 5-star luxury hotel will open between July and September in the city’s Koukaki district.
The Grand Hyatt Athens will also take the place of the former Ledra Marriott Hotel, boasting a prime location near golf courses, restaurants and Filopappos Hill. The Ledra offered stunning Acropolis views and hosted celebrities and politicians alike, but after three decades it shut down in 2016 because of the economic crisis.
The hotel is currently undergoing a major renovation and will be managed by Kokari Limited, a subsidiary of Y&T Daskalantonakis Knossian Group.
Takuya Aoyama, Hyatt’s VP of development for Eastern Europe Russia & CIS, said the new Athens project is an important sign of growth in the region.
“This deal represents a significant milestone in Southeast Europe, an important growth market for Hyatt with recent Hyatt development announcements in Turkey and Bulgaria,” Aoyama said.
Tourism has long been the backbone of the Greek economy and recently has driven a moderate recovery following record-high unemployment rates during the crisis.
In 2017 Greece brought in more than 27 million visitors— an increase from 24.8 million in 2016 — and foreign arrivals were up by 30.3% as of March, according to data from the Greek Tourism Confederation SETE.
The Grand Hyatt Athens will be Hyatt’s second property in Greece following the Hyatt Regency Thessaloniki — opened in 1999 — and the company’s 42nd across Europe.
The new addition will also be Europe’s third Grand Hyatt following those in Berlin, Germany and Istanbul, Turkey.