The facade of the new hotel in Athens. Image credit: Courtesy of Proyecto Singular Isrotel Group is expanding its international operations by acquiring a 50% stake in the company that holds the rights to a new hotel being built on Theatrou Street in the historic center of Athens. The total scope of the transaction is estimated at tens of millions of euros.
The hotel, which will include 171 rooms, is under construction and renovation and is expected to open in the second quarter of 2027. It is located on the outskirts of the Psiri neighborhood, within walking distance of Monastiraki Square, Athens' central market, and entertainment areas, restaurants, and major tourist sites.
The hotel is in a historic building that once housed Athens' first modern theater, which opened in 1836. The street and the nearby square still bear the name of the theater, although it is no longer active there.
The lobby of the new hotel in Athens. Image credit: Courtesy of Proyecto SingularThe hotel is expected to include restaurants, a bar, a spa, a hammam, an indoor pool, and a gym, and will appeal to leisure tourists and the business community.
ALUMA, Isrotel's international hotel arm, will be responsible for the management and operation of the hotel. At the same time, the hotel will operate under a franchise agreement with Radisson Hotel Group, and will be connected to the group's international distribution, marketing and reservations systems.
The deal in Athens joins the international activity that Isrotel has been developing in recent years. The company began operating hotels outside Israel under the ALUMA brand in March 2024, and currently operates three hotels in Athens: Skylark, Anise and Adia.
At the same time, Isrotel is promoting the construction of another hotel in Thessaloniki, as well as two hotel projects in Rome. Completion of another wing at the Anise Hotel in Athens is expected in 2027.
Isrotel currently operates three hotels in Athens, is building another hotel in Greece and two hotels in Italy, and owns and manages 27 hotels with more than 5,300 rooms in Israel.
Lior Raviv, CEO of Isrotel, said: "We strongly believe in the hotel and its potential. This is an exceptional property, with a unique historical character and a central location in a city that is enjoying a significant tourism boom. The transaction constitutes an important step in expanding Isrotel's international operations and establishing the ALUMA chain as the group's hotel platform in Europe."
New hotel in Athens. Image credit: Courtesy of Proyecto Singular