e-EFKA: New tender for property lease and its conversion into a hotel in heart of Athens
Source: Tornos News
The board of directors of e-EFKA decided to hold a new public bidding tender with the submission of closed bids for the lease of the independent property on 65-67 Sokratous Street, Athens, owned by it with the implementation of an investment program for its conversion into a 3-star hotel.
It should be noted that until 1980 the building housed the AMBASSADEUR hotel.
The tender will be a bidding tender with closed bids. The duration of the lease is set at 35 years, with the possibility of an extension for an additional 10 years upon a relevant request by the tenant and a decision of acceptance by the Board of Directors of e-EFKA. The minimum monthly rent is set at 35,000 euros
adjusted from the fourth year of the lease according to the Consumer Price Index. In the event that the Consumer Price Index is negative, the monthly rent will remain unchanged.
The lessee is obliged to complete an investment program on the lease, within three years, for the reconstruction and conversion of the property into a hotel of at least 3 stars, with his own exclusive care and expenses, amounting to a minimum of 20 million euros plus VAT.
Also, a grace period and exemption from the payment of rent for three years is provided for, for the completion of the investment program. The Letter of Guarantee for Participation in the tender is set at the amount of 35,000 euros. The Letter of Guarantee for Good Execution of the terms of the contract will amount to one annual rent achieved. In addition, the Letter of Guarantee for the Implementation of the Investment Program will amount to 1 million euros.
The original article: belongs to Tornos News .
