- This marks a significant shift for Piraeus as a tourist and hotel destination
- Coincides with an event on sustainable tourism vital for future commercial prosperity
- Investments by Hellenic Properties highlight potential in the Piraeus market
- Offers quality accommodation with excellent transport links to Athens
- $5 million investment overcame pandemic setbacks for a three-star hotel launch
- Development plans for luxury homes in Kifisia, poised for 2025 completion
- Growing hotel industry in Piraeus with 45 operating units by 2023
The recent inauguration of the Twinn Downtown Piraeus in the city centre marks a transformative moment for the area. This development underscores a strategic move towards establishing Piraeus as a prominent hub for tourists and hotel guests. Coinciding with a summit hosted by the Piraeus Municipality and the Chamber of Commerce, which focused on sustainable tourism as a crucial element for the local trade future, the launch validates Mayor Ioannis Moralis’s belief in Piraeus’s potential. “Investors are seeing something promising in Piraeus’s future,” he stated, as new hotel ventures take shape across the city.
Elevated as a property of Hellenic Properties, Twinn Downtown Piraeus is part of a broader push towards more hospitality opportunities in the city. The company plans more ventures, leveraging Piraeus’s current shortage of accommodation options. The city’s hotels cater to visitors seeking quality lodgings, offering easy access to Athens via the metro.
Investment and Growth
Hellenic Properties invested €5 million in Twinn Downtown Piraeus, prominently on Heros Polytechnic Avenue at Karoli and Dimitriou Streets. This three-star establishment, paused by the global pandemic, resumed construction after 2022 and now features rooms ranging from 13 to 18 square metres for short stays. A 20-year management contract has been formed with Santikos Collection, adding to their portfolio alongside The Alex in Piraeus.
Additionally, Hellenic Properties is developing a residential complex in Strofili, Kifisia, with completion targeted for the first quarter of 2025. An €11 million investment will market these homes through leading international real estate agencies. Initial sales have commenced, with pricing around €9,000 per square metre. The company explores opportunities throughout Attica and the islands, especially in emerging areas, further investing in Athens’ real estate market.
The introduction of Twinn Downtown Piraeus forms part of a wave of hotel developments in recent years, with plans for more, including the Mitsis N’U Piraeus Port by Mitsis Group, Athenarum Portus, and others conveniently near the metro. Data from the Hellenic Chamber of Hotels indicate that, between 2019 and 2023, the number of available beds grew from 3,107 to 3,269, featuring new openings of one four-star and two three-star hotels despite a decrease in lower-star accommodations. In total, Piraeus now boasts 45 operational hotel units.
Undoubtedly, Twinn Downtown Piraeus sets the stage for Piraeus’s evolution into a thriving destination, redefining its landscape and allure for visitors from far and wide.
