The Ministry of Tourism proceeded with the sealing of part of the Cocomat Athens BC Hotel in execution of the 15/2023 protocol of the Tripartite Compliance Council of the Council of State.
It should be noted that in August 2023, the Ministry of Tourism issued a decision to close the entire hotel “COCO-MAT Athens BC”, but the company appealed to the Athens Administrative Court of First Instance which decided to inhibit the seal.
The Administrative Court of Appeal of Athens, before which the cases were referred on grounds of jurisdiction, revoked the interim orders previously issued, which had suspended all action, and finally ordered the sealing of the part of the Cocomat hotel which had been declared arbitrary. That is, the part that exceeds 24 metres in height. On Thursday 21.03.2024, the competent services of the Ministry of Tourism attempted the partial sealing of the hotel which, however, was not possible , because the specific area had not been evacuated, despite the prior timely notice to the person in charge of the business.
The Regional Tourism Service of Attica (P.Y.T.) addressed, as provided by the relevant legislation, the competent Athens Prosecutor for further legal actions. Following this intervention, the company informed the services of the Ministry that on 27.03.2024 it evacuated the part of the hotel under sealing. On 29.3.2024, the Attica Police Department sealed the disputed part of the tourist accommodation.
The history of the Cocomat hotel
“Coco-Mat Athens BC” started to be built at the end of 2017 and started operating in May 2019 in the most sought-after area of Athens in terms of hotel tourism. The unobstructed view of the Acropolis was ensured by the construction of ten floors and a green roof garden with a swimming pool, from which the owners advertise that one can almost touch the Parthenon.
This property is the “golden” asset of Blue Cedar. The 753.03 sqm plot was acquired for €2.9 million in 2016 and in its current form, as a stand-alone 5-star multi-storey hotel building with 10 floors, two basements and a roof, with a total area of 5,169.18 sqm and 95 rooms, it is the company’s most expensive property with an appraised value of €27 million, representing 21.81% of the total value of its portfolio. The room rates, during high tourist season, range from 200 to 550 euros the “Acropolis Suite”.
The Cocomat hotel is leased to Hotel Cluster S.A. since June 1, 2019 with a contract term of 11 years and 7 months, with the annual rent amounting to EUR 2.16 million in 2021 and EUR 2.27 million in 2022 (plus VAT 24%), representing 37.29% of Blue Cedar’s total annual revenues.
