An integrated tourist complex, hitherto known as the Hilton, is expected to open in early 2025, but has reportedly already sold 50 apartments to be built on the top four floors. Thus, it follows from the result that the project to transform the Hilton into a comprehensive complex of hospitality and other high-level events was received with enthusiasm by the market. However, the majority of buyers are Greeks.

The top two floors below the old Galaxy are also the top sellers. The average price per square meter is reported to be €24,000. These levels house various types of apartments, mostly of a conservative size, and one large residence, according to market information. The two lower floors were sold according to the same sources for 21,000 euros per square metre. Apartments on the top two floors are Waldorf Astoria branded and those on the bottom two floors are Conrad branded.

The average selling price exceeds 21,000 euros per square meter.

Work began in January 2022 and is expected to be completed in late 2024/early 2025. Additional buildings will also be erected on the site that has housed the capital’s iconic hotel for decades, as the site has a significant untapped building factor.

The corresponding investment of the owner of Ionica Xenodocheiaki, the interests of the Konstantakopoulos group, in the construction of facilities, infrastructure and equipment will exceed 130 million, in addition to the 145 million he has already spent since 2016 on the purchase of real estate. In total, that is, investments will exceed 275 million and, according to market circles, may exceed 300 million at the final stage due to the rise in the cost of building materials.

The new luxury Conrad Hotel will have 280 rooms and suites in addition to 50 suites. The complex will also house signature restaurants, themed retail spaces, entertainment and wellness centers, and a state-of-the-art membership club. This is a large-scale project, which, however, will preserve the architectural heritage of the building and the timeless facades designed by Giannis Moralis, the company notes. To operate the hotel and support luxury residences, Ioniki Hotel signed an agreement with Hilton Worldwide and its two leading luxury brands, Conrad and Waldorf Astoria. In particular, Waldorf Astoria Residences will have privileged access to the amenities and services of the new destination, the complex will operate a private lounge, as well as wellness areas for residents.