One of the familiar hotels along Athens’ Alexandras Avenue is entering a new chapter. Athens Zafolia Hotel, located at 87–89 Alexandras Avenue, has changed ownership following the completion of the sale of 100% of the company that owns and operates the property. The hotel has been acquired by an investment vehicle jointly established by Highgate and French real estate investment specialist Eternam.
The deal marks Highgate’s entry into the Greek hotel market, bringing together an internationally active hospitality group and a French investment firm with extensive experience in real estate and hospitality.
New Ownership, New Management
As part of the transaction, Highgate will take over the hotel’s long-term management, adding Athens Zafolia to its international portfolio of managed properties.
The hotel features 191 rooms and has been a long-standing presence in the area. Its location on Alexandras Avenue provides convenient access to central Athens, the city’s commercial and business districts, the courts and several major cultural and tourist attractions.
The four-star property caters to both leisure and business travellers, while also offering facilities for corporate events and gatherings. Its amenities include a swimming pool and a rooftop restaurant overlooking Lycabettus Hill, alongside conference spaces suitable for meetings, presentations and private events.
A Change of Hands After Almost Five Decades
The transaction also brings to an end a nearly five-decade chapter for the Zafolia family, which had owned the hotel since 1977.
Following the completion of the sale, the family expressed its thanks to the hotel’s guests, partners, suppliers and employees, acknowledging their contribution to the property’s development over the years and wishing the new owners every success for the future.
A New International Presence in Athens
For Highgate and Eternam, the acquisition adds another hotel asset to their respective international portfolios. For Athens, meanwhile, the deal reflects the continued interest of international investors in the city’s hospitality sector.
Highgate has an international presence and manages more than 400 hotels, representing over 79,000 rooms. Its activities span hotel investment and management, as well as real estate development and operations.
Eternam, meanwhile, is a French real estate investment management group with more than €1.7 billion in assets under management and a significant focus on the hospitality sector.
The acquisition of Athens Zafolia comes as Athens continues to attract international capital and growing interest in its hotel market. For the property itself, the deal marks the beginning of a new chapter after almost 50 years under the Zafolia family, with its ownership and management now moving into the hands of international hospitality players.
