Compensation for cutting the floors of the hotel that "hid" the Acropolis

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Its next moves are being considered by its management Blue Cedar AEEAP of the Eumorphides family after the decision of the Central Archaeological Council (KAS) to request the cutting two floors from the hotel of Falirou Street, below the Acropolis, on the grounds that it hides the view of the Holy Rock. The company has not yet made a statement, although the issue of compensation remains open, as Culture Minister Lina Mendoni admitted.

The decision of KAS for the. Haircut of the two floors comes not only after the completion of its construction with a legal permit but also after the hotel has been operating for about a year. As it is estimated, Blue Cedar can claim compensation but also appeal to justice for annulment of the KAS decision.

"It was a very difficult opinion, because the Council had a real event - the hotel - and most likely the entrepreneur's law. Beyond that, however, the Acropolis had to be protected. When the Acropolis is offended, in essence, our culture is offended ", commented yesterday the Minister of Culture and Sports, Lina Mendoni, noting how the compensation that the company is said to be claiming is "clearly less than the value of the monument".

In any case, the decision for the hotel is another "headache" for the real estate company of the Eumorphides family (Coco Mat) at a time when it is particularly affected by the paronychia pandemic as an important part of its real estate portfolio is hotels and shops.

In particular, the Blue Cedar portfolio at the end of 2019 consisted of seven hotels, 10 stores, two offices, two industrial, two residential properties and six plots. That is, 17 of the company's total of 29 properties worth a total of 90,494 million euros remain closed at the moment. About 17% of Blue Cedar's annual rental income comes from these 90 properties (70,70% from hotels and 19,22% from stores).

It is worth noting that, based on the catalogs of Blue Cedar for real estate, in which it has invested, the value of this hotel is close to 22 million euros, ie about 24,57% of the total value of its portfolio. The company also owns a six-storey car station at the junction of Dimitrakopoulou and Faliro streets, which it also plans to turn into a hotel.

Admission to the Stock Exchange is pending

In the meantime, Blue Cedar is called to proceed with its listing on the Athens Stock Exchange as a Real Estate Investment Company (AEEAP). The real estate company of the Eumorphides family was founded in 2014 and received an operating license as AEEAP in 2017.

Given that the legislation stipulates that the AEEAP must enter its shares in an organized market within two years of its establishment, the shares of Blue Cedar should already be on the board. The company has received an extension from the Hellenic Capital Market Commission but will soon have to prepare the newsletter for its Public Registration.


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Columnist: Costas Ketsietzis

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