Isrotel Expands in Athens with 50% Stake in New Hotel
Israeli hotel group Isrotel is expanding its international presence by acquiring a 50% stake in a new hotel under development in Athens, Greece. The deal, valued in the tens of millions of euros, involves a hotel located on Theatrou Street in the city's historic center, near the Psiri neighborhood and Monastiraki Square.
The new hotel will feature 171 rooms and is slated to open in the second quarter of 2027. It will be managed and operated by Aluma, Isrotel's international division. The hotel is situated in a historic building that once housed Athens' first modern theater, established in 1836. The development aims to blend the building's historical and architectural character with modern hotel amenities, including restaurants, a spa, a pool, and a gym, targeting both tourists and business travelers year-round.
Aluma will oversee the hotel's complete management and operation, adhering to Isrotel's standards. Additionally, the hotel will operate under a franchise agreement with the Radisson Hotel Group, integrating with their marketing, distribution, and loyalty programs.
This acquisition marks a significant step in Isrotel's international growth strategy. The company launched its Aluma brand for international operations in March 2024 and currently manages three hotels in Athens: Skylark, Anise, and Adia. Isrotel also plans to complete an additional wing for the Anise hotel in 2027 and is developing another hotel in Thessaloniki. Beyond Greece, Isrotel is pursuing two hotel projects in Rome. Upon completion of these projects, Isrotel's international portfolio will include hotels in Athens, Thessaloniki, and Rome.
Isrotel CEO Lior Raviv expressed confidence in the new hotel, calling it an "exceptional asset" with a unique historical character and a prime location in a booming tourist city. He stated that the deal is a crucial step in expanding Isrotel's international operations and establishing Aluma as the group's European hotel platform.
