The Army Pension Fund (Metochiko Tameio Stratou) signed a contract with Intrakat, leasing a building on Kolokotroni Street 3-5 in Athens.
The Fund’s three-floor building, whose surface area is 4,160 sq.m., was leased to Intrakat for 20 years at 40,000 euros per month. The site belongs to the Greek registry of historic buildings.
According to a Fund announcement, Intrakat plans to turn the building into a 45-room boutique hotel that will open for business within 2019, following necessary upgrading.
After the contract signing, Intrakat’s managing director Petros Souretis said, “Intrakat’s choice of leasing an emblematic historic building in the heart of Athens and turning it into a boutique hotel is part of our group’s strategy of focusing on the so-called golden tourism destinations of our country,” noting that Athens’ popularity as a higher-end tourism is on the rise.