Hotel for Sale

Ηotel of 560 sq.m. in need of extensive renovation, for sale in the center of Agia Galini. The property is located very close to the picturesque port of the settlement. The settlement is one of the most touristically developed in southern Crete. It is located on the borders of the prefecture of Rethymno with the prefecture of Heraklion. The tourist season on the south side of the island, especially in the developed settlements, lasts about 7 months. This fact combined with the size of the property and the 17 rooms it currently has, taking into account the low asking price, turns the property into a real investment opportunity for someone who wants to operate professionally in the aforementioned area. In any case, the condition of the property is bad, but the supporting body is in good condition, so the space needs modernization and beautification. Nothing of the hotel’s equipment in a condition to be reused, so the equipment should be added to the total renovation cost. An economic and technical study will certainly be needed to clarify what the payback period of the total investment will be, which in any case, taking into account all the parameters, will be much shorter than if one were to start this type of investment from scratch. The issuance of a building permit, the study and design of the building and especially the purchase of land at the specific point would create conditions for a fairly long payback period. By buying this particular property, a potential investor creates new financial data, possibly paying off his investment in less than 4 years, a time particularly satisfactory for this type of investment. The property currently has two configured floors of approximately 200 sq.m with a total of 17 rooms. There is also an unfinished basement of 160 sq.m. which could serve as auxiliary spaces for the operation of the hotel. There is a reception and restaurant/breakfast area on the ground floor, while on the first floor there are rooms with balconies. The options of the new owner are many and different regarding the use of the premises. They can reduce the number of rooms and increase the common areas and services or create additional rooms in order to take advantage of the spaces of the property. In any case, this is a clear investment opportunity. Responsible for the listing is Mr. Konstantinos Moullos, licenced realtor with General Commercial Registry Number (GEMI) 349607. Despite the fact that Aspis Real Estate Rethymno takes all precautionary measures to ensure that everything that is written in our classified ads is true, these are by statement of the sellers therefore we cannot accept any responsibility for the correctness of the information. In any case we offer a strong recommendation to check the information with certified professionals before any down-payment.