Sokio Hotels: Oikos enters hospitality with Best Western & Wyndham
Source: Tornos News
Sokio Hotels & Resorts, a subsidiary of Oikos Developments, makes its debut in the hospitality market with the Sokio Attiki Hotel in Athens, investing in a boutique apartment model that combines international partnerships and a local footprint.
The new hotel on Agios Meletios Street, with 35 rooms-apartments and the BW Premier Collection brand of Best Western Hotels & Resorts, is Sokio’s first move in an industry where competition is intensifying and market trends show increased demand for flexible forms of accommodation.
From real estate to hospitality
Oikos Developments, with Cypriot capital and a presence in the Greek real estate market for over 15 years, is now transferring its experience from the residential sector and the “Golden Visa” programs to hospitality. The goal is to create a portfolio that will combine small, efficient units with strong international brands, in strategic locations both in Athens and in tourist destinations.
The choice to locate the first hotel in an area outside the traditional tourist core, such as Agios Meletios, reflects the company’s strategy to invest in developing zones with lower land costs but with easy access to transportation and urban attractions.
Collaborations with international brands
Sokio Hotels has already secured collaborations with two of the largest international hospitality networks, Best Western and Wyndham Hotels & Resorts, in order to ensure international brand awareness and distribution privileges, which work multiplyingly in the return on investment.
The collaboration with Best Western began with Sokio Attiki and will continue with Sokio Piraeus, BW Premier Collection, a 36-apartment unit at the port of Piraeus. Accordingly, the projects with the Wyndham group include three new units: Ramada Residences by Wyndham, Halkidiki, a 150-unit project with full resort amenities, Sokio Flisvos, Trademark Collection by Wyndham, a 24-room boutique hotel in a 1920 neoclassical building, and Sokio Praxitelous, Trademark Collection by Wyndham, a hotel in the center of Athens targeting repeat business clientele.
The bet on hotel-apartments
The product launched by Sokio combines elements of a traditional hotel and serviced apartments, meeting the growing demand for extended stays and for amenities that give greater autonomy to guests. This strategy is in line with market trends in Athens, where the tourism product is diversifying and “affordable luxury” is becoming increasingly important.
According to Sokio Hotels & Resorts General Manager, George Kindinis, “the premiere of Sokio Attiki marks the birth of a new luxury hospitality brand, with an emphasis on modern design and authentic service, in collaboration with international networks that provide prestige and recognition.”
The investment footprint
With five projects in progress and international partnerships already secured, Sokio Hotels & Resorts is attempting to chart a new course on the Greek hotel map, combining Oikos Developments’ experience in the real estate sector with the growing potential of tourism.
The strategy of diversification from the residential sector to hospitality seems to have prospects, as Athens records high demand in terms of city breaks and extended stays, while destinations such as Halkidiki add to the portfolio the parameter of the higher value holiday market.
Sokio, with the support of international chains, aspires to become a new player in the mid-range hotel category, where the balance of cost-quality and the differentiation of experience are the key criteria for success.
The original article: belongs to Tornos News .
