After Avenue to the hammer and the luxurious Arcadia hotel of the Papageorgiou family

of Matina Harkoftaki

The once luxurious Arcadia hotel in Komotini is today one of the last pieces of the puzzle, which in the past constituted the multi-faceted building of the former Sanyo Hellas, created by brothers Stavros and Alekos Papageorgiou starting in the 1970s.

Although the company had initially associated its name with the representation of the electrical and electronic devices of the Japanese group in the Greek market, however, during its many years, its activities expanded, opening up to sectors such as real estate with the well-known shopping center on Maroussi Avenue on Kifissias Avenue, the hospitality with the subsidiary Community to which the Arcadia hotel also belonged, the media and technology with the Arcadia group of companies, while at the same time holding occasions in a number of companies, which were active from metallurgy to retail.

Its transformation into a holding company in the late 1990s and the change of its name to Trophy Participation in 2013 are among the most important milestones of its journey, which in recent years has been declining, which is reflected through the successive auctions of the of the data.

From the facilities in Metamorfosi to the shops on Avenue, the electronic hammer has sounded a few times for the Trophy Participation of the Papageorgiou family, the younger members of which have occasionally occupied the spotlight with their business and not only their activities, such as Denis Papageorgiou, known for his projects in the field of catering and entertainment in Athens and Mykonos (Rakkan and Lohan club).

The four-star Arcadia hotel in Komotini

The Arcadia hotel is one of the few remaining properties of the group, which followed the luck of the previous ones. Specifically, it goes under the hammer tomorrow with the first offer price being set at 2.5 million euros and with Piraeus Bank in a hurry.

The amount for which the confiscation was imposed amounts to 150 thousand euros while the debtor appears to be the Community Societe Anonyme Hotel and Tourist Facilities AEXTE Community with the distinctive title Arcadia hotel, which was established in 1996 and is part of the Tropaic umbrella.

Two years later, in 1998, a building permit was issued by the local town planning department in order to build a hotel unit on a plot of land, which covers an area of ​​45,375 sq.m. and is located in Asomatoi, Komotini, near the campus.

At the beginning of 2000, the four-star luxury hotel Arcadia hotel starts operating, which consists of 85 rooms with a total capacity of 170 beds.

Specifically, the hotel complex with a total area of ​​9,851 sq.m. includes three buildings, which host event halls, gym, sauna, bar, restaurants and public areas while in the surrounding area has been built a swimming pool around which there are tables and bars.

According to the technical report, objects and household equipment worth a total of 55,725 euros were confiscated from inside the hotel and therefore the first offer price was based on the value of the plot together with the buildings on it (2.45 million euros) and the value of hotel equipment (55,725 euros) and after rounding was set at 2.5 million euros.

The property in question has mortgage notes in favor of Piraeus Bank, which exceed 10 million euros. According to the most recent published data, 2019 was the last year that the hotel showed revenues, which amounted to just 52,171 euros compared to 951,984 in 2018 and 923,506 euros in 2017.

It is worth noting that as indicated in the assessment report, the debtor has not submitted urban planning documents (topographic, building permit) or other technical data related to the property and therefore it was not possible to accurately check the urban legality of the buildings.

Regarding the current demand for tourist accommodation in the area, according to the Hotel Chamber of Greece in the greater area of ​​Komotini there are only 4 four-star hotels with a total capacity of 167 rooms and 320 beds while the average room price per night for hotels 3 star and 4 star ranges from 52 to 70 euros per night.