Details:

Hotel for sale in northeastern Crete, Greece.

Located near the coast, a short walk to Voulisma (Golden Beach) and Ayios Panteleimon beaches,

adjacent to the tourist road (old national road), with ample parking space and the ability to attract a large number of customers and passersby.

80 sq.m. pool, outdoor pergola, dining area, café,

inside a spacious and large reception area, games room, and breakfast corner.

Only 10 minutes’ drive from the district capital, the coastal town of Agios Nikolaos, Crete, less than an hour’s drive from Heraklion International Airport.

The hotel consists of 4 sections:

• Basement level – 250 sq.m. built
• Ground floor – 780 sq.m. built
• First floor – 780 sq.m. built
• Second floor – 542 sq.m. built

The hotel license was issued in 1984 and includes 49 rooms, a total of 98 beds located on the first and second floors (the ground floor is not included in the license), and the hotel also has a license for an 80 sq.m. swimming pool, bar, kitchen, reception, spacious garden, and landscaped grounds.

The ground floor can be added to the license by paying a fine of €60,000 and adding 30 bedrooms, a total of 60 beds, so that the hotel’s capacity would increase to 158 beds.

There is also the option to purchase adjacent land and expand the hotel area and rooms.

In addition, there is the possibility of converting the hotel into 4-star holiday apartments as follows:

ground floor:

• 14 apartments with 2 rooms (one bedroom).
• 2 apartments with 3 rooms (2 bedrooms).

First floor:

• 15 apartments with 2 rooms (one bedroom).
• 2 apartments with 3 rooms (2 bedrooms).

Second floor:

• 11 apartments with 2 rooms (one bedroom).
• 3 apartments with 3 rooms (2 bedrooms).

Total:

• 40 apartments with 2 rooms (one bedroom) – 40 sq.m. each.
• 7 apartments with 3 rooms (2 bedrooms) – 60 sq.m. each.

Estimated purchase and renovation costs:

• Purchase price – €800,000
• Cost of conversion from hotel to apartments – €12,000
• Cost of adding ground floor to license – €60,000
• Renovation and conversion to apartments cost – €1,302,000 (= €700 * 1,860 sq.m.)
• Architect, plans + additional costs – €200,000
• Total – €2,394,000

Revenue from apartment sales (based on pricing of €2,000 per sq.m.):

• 40 apartments of 40 sq.m. – €3,200,000 (€80,000 per apartment)
• 7 apartments of 60 sq.m. – €840,000 (€120,000 per apartment)
• Total revenue – €4,040,000
• Estimated profit after expenses – €1,660,000 in a 3-year development process.

The property has been reduced in price to €800,000

In the coastal village of Istron, an area protected by the Greek archaeological authorities due to numerous finds from the Roman, Greek, and Minoan periods,
this means that despite the area being ideal for tourism development, it is not possible to obtain licenses for a new hotel, making this transaction exclusive to the area.

Geographically, the town is well protected from strong winds, allowing water sports and swimming almost year-round.