Highgate and Eternam Acquire Zafolia Hotel Athens in Greek Market Expansion

Highgate and Eternam have expanded their hospitality portfolios in Southern Europe with the joint acquisition of the Zafolia Hotel Athens, marking Highgate's first foray into the Greek market.

The 191-key hotel, located in the heart of Athens, is an upscale lifestyle property featuring guestrooms and suites, a rooftop pool, and a garden with panoramic city views. It also holds a Green Key certification, highlighting its commitment to environmental sustainability.

Highgate, a leading real estate investment and hospitality management company, sees this acquisition as a strategic move to establish a presence in Greece and further its growth in Southern Europe. The company, which has a portfolio of over 400 hotels across North America, Europe, the Caribbean, and Latin America, is committed to leveraging its 35+ years of hospitality leadership to enhance the Zafolia Hotel Athens.

Eternam, a portfolio management company with expertise in commercial real estate and hospitality, has already made its mark in the region. The acquisition of the Zafolia Hotel Athens is the second investment completed by Alcyon Hospitality Europe, following the purchase of the Hilton Garden Inn Rome Claridge in July. Eternam's third fund, Alcyon Hospitality Europe, is set to deploy approximately €60 million of equity over the next 18 months, focusing on major cities like Rome and Athens.

The Zafolia Hotel Athens has been family-owned and operated for nearly four decades. Highgate and Eternam plan to build upon the property's legacy by investing in renovations to all guestrooms and public spaces. The hotel is conveniently located near many famous landmarks, making it an ideal choice for both leisure and business travelers.

This transaction underscores Highgate's commitment to expanding its platform across Southern Europe, following its successful foray into Portugal. The company continues to pursue opportunities in urban hotels and destination resorts, leveraging its expertise to drive outperformance and maximize asset value.

With a proven track record and a focus on innovation, Highgate and Eternam are well-positioned to enhance the Zafolia Hotel Athens and contribute to the vibrant hospitality landscape of Athens.