When developing one new “boutique” hotelwith a capacity of 64 rooms, in the center of Athens, at 8 Feidiou Street, just behind the Titania Hotel, continues “AEEAP Blue Cedar”, the interests of the Eumorphides brothers. The company is expected to acquire a three-story building for 4.1 million euros. preserved buildingwith a total area of ​​814 sq.m., part of which is even designated as a monument. property owned by the Hotel Cluster company, to the interests of the shareholder and chairman of the board of directors of the company, Michalis Eumorphidis. According to two independent appraisers, Solum Property Solutions and specialized company HVS (Hotel Valuation Services), the property is valued at 4.48 and 4.4 million euros.

The total built-up area of ​​the property reaches 1,790 sqm, based on the existing building factor (4.8) and coverage factor (60%), with a maximum permitted height of 32 meters, and its objective value is 1.9 million euros, or about 1950 euro/sq.m, as today. However, it should be noted that the purchase price of the property from Hotel Cluster did not exceed 510,000 euros.

It will be built in a three-story architectural monument in the center of Athens. The company is also starting construction of a subdivision in Kukaki.

Mr. Eumorphides’ company purchased the property through an auction held by the Association for the Promotion of Greek Writing. This property was bequeathed to the club by Konstantinos Sachinis. The starting price of the sale, which took place in January 2022, was set at €500,000. Reasonable questions arise here, for example, how exactly was this price calculated by a competent certified appraiser hired for this purpose? Based on the minimum starting price, the property was valued at just 277 euros/sqm, located in the center of Athens, while the objective value was 1.9 million euros. At the same time, Blue Cedar shareholders may also have questions, as one of the major shareholders is likely to win a sum of 3.6 million euros through the sale of a very undervalued property of a listed company. Of course, the price of 4.1 million euros is reasonable and in fact about 300,000 euros below the market value of the property (based on estimates made by companies with a very good reputation in the real estate market). However, the property in question may, for example. were acquired directly through Blue Cedar, so shareholders of a listed company can also benefit from the goodwill. It should be noted that Hotel Cluster is the hospitality arm of the Eumorphidis family and the exclusive tenant of hotels in the Blue Cedars AEEAP portfolio.

Another hotel that the company is launching in the center of Athens concerns the reconstruction of the former car station with preserved views in Koukaki (Makriyannis). The property was purchased in 2018 and is located at the intersection of Faliros 22-22B and Dimitrakopoulos 21-25. In total, about 12 million euros will be invested in the conversion of the building into a hotel with a total capacity of 117 rooms. Of the above amount, 8 million euros will come from the income generated by the company from the public listing of its shares on the Athens Stock Exchange almost a year ago. Work is expected to begin by summer.