Athens Ledra hotel shuts down due to debts, guests relocated

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TRAVEL GAZETTE – Athens Ledra Hotel, one of the emblematic hotels of the Greek capital with a view of the Acropolis, is shutting down, ASTY hotel and tourist Enterprises announced on Tuesday, as guests were already relocated to other hotels.

In a laconic statement, the owner and managing company of the hotel announced that as of May 31 the hotel’s operation ceases due to financial difficulties.

Representatives of the 150 employees told Greek media they planned to hold a sit in protest until they receive at least the salaries owed to them since March.

ASTY has sunk in heavy debts in recent years owing some 33 million euros only to Greek Alpha Bank, its largest lender, news portal “” reported.

Located on a main Athens avenue linking the center with the seaside the five star hotel with the 314 rooms was built in 1980 by Cypriot businessman George Paraskevaidis.

In 2013, a collaboration contract with Marriott International hotel chain ended, the Athens Ledra Marriott was renamed to Athens Ledra and the management passed to ASTY, owned by the Cyprus-based Paraskevaidis Group.

Athens Ledra is not the only hotel facing severe problems in recent years in Greece.

Despite the record arrivals from abroad, in particular smaller hotel units, are facing sustainability problems due to the seven year debt crisis and from the start of 2016 there are about 500 advertisements on various specialized websites for the sales of hotels nationwide, Greek “Kathimerini” daily newspaper reported recently.

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