Brown Acropolis. Photo: Brown Hotels Chain Israel Canada Hotels reported that it has entered into a transaction to acquire the Brown Acropol Hotel in Athens, Greece, through a wholly owned subsidiary incorporated in Cyprus. The transaction, signed on December 9, 2025, includes the acquisition of 100% of the rights in the Cypriot company that owns the hotel, which operates approximately 165 rooms and holds the rental rights and investments made in the hotel.
Until now, the chain managed the hotel and is now acquiring it as part of completing the Brown Hotels acquisition.
Photo: Brown Hotel Chain
The retro-style Brown Acropol Hotel is considered popular, located in Omonia Square, not far from the Acropolis, and is considered a strategic asset for the chain's operations in Greece.
The total consideration in the transaction is approximately €13 million, which will be paid in three stages. A first payment of approximately €5 million was made at signing, from the company's own resources, in exchange for the transfer of all shares of the acquired company.
A second payment of approximately €6 million is expected by February 24, 2026. Israel Canada has provided a guarantee for this payment.
The remaining consideration of approximately €2 million will be paid in 30 consecutive monthly installments starting March 31, 2026.
The agreement also included the option for the seller to repurchase the shares of the acquired company up to the second payment date, in the event of an acceptable breach. After this date, the seller will not have any collateral.
It was further determined that the seller will bear full responsibility for all debts, obligations, and tax payments of the acquired company and the hotel company incurred until April 1, 2025. The agreement includes mutual indemnity mechanisms as is customary in similar transactions.
The company stated that the remaining payments will be financed from independent or external sources, as needed.