Wyndham Residences Piraeus opens with near-full occupancy after €25M investment

Operating under the international Wyndham Hotels & Resorts brand, the property opened in July 2026 and recorded occupancy of close to 100% in September, according to figures presented at its inauguration. Nearly all 72 residences have been sold, with only a penthouse on the eighth floor and a ground-floor commercial unit remaining available.

The development occupies two adjacent, unfinished eight-storey buildings with a combined area of approximately 4,300 sq m, acquired by DKG in 2020. The company consolidated and redeveloped the buildings, transforming the existing structures into a professionally managed hospitality complex.

Architectural design was led by Jean-Pierre Heim in collaboration with Bletsas Architectural Studio. The complex comprises 72 fully equipped apartments and suites ranging from 35 to 80 sq m, of which 28 offer views of Zeas Marina. Facilities include a gym, a meeting room and guest services.

The Sale-and-Leaseback Model

DKG’s business model is based on selling individual units and subsequently leasing them back for organised tourist accommodation operations. Buyers acquire ownership of the properties, while management remains with the complex’s operating company for a minimum period of ten years.

According to the company’s investment presentation, the model provides for contractual rental income, together with the potential for additional participation in operating results through a mechanism linked to EBITDA. The precise return percentages and terms governing the distribution of additional income have not been disclosed.

This structure enables the developer to recover part of its invested capital through unit sales while retaining operational control of the hospitality complex. For buyers, the investment combines real estate ownership with professional hospitality management.

Sale prices started at approximately €6,500 per sq m, with most transactions completed at between €8,000 and €10,000 per sq m. Prices for apartments on the upper floors reached €12,000–€13,000 per sq m.

Buyers include Greek and international investors, primarily from Australia, the United States, the United Kingdom and Lebanon, who acquired the residences with the aim of generating income.

Nightly rates at Wyndham Residences range from €120 to €500, depending on apartment category and season, while the reported average revenue per room stands at between €120 and €130.

DKG aims to strengthen demand outside the peak tourist season through partnerships with shipping companies and sports clubs, leveraging Piraeus’ concentration of business activity. The property’s proximity to Zeas Marina, the port and the Dimotiko Theatro metro station enables it to target both leisure travellers and business visitors seeking longer-term accommodation.

Agreement Covers 12 Hotel Properties

Wyndham Residences Marina Zeas forms part of a broader, non-exclusive agreement between DKG Development and Wyndham Hotels & Resorts to develop 12 hotel properties in Greece over the coming years.

The partnership aims to expand the international hotel group’s presence in both established and emerging tourist destinations, with a focus on properties suited to professionally managed hospitality operations.

For DKG, the near-complete sell-out of the residences and the strong initial occupancy rate indicate commercial acceptance of the project. Its long-term performance, however, will depend on sustained demand, operating costs and the company’s ability to meet its ten-year rental obligations.

The investment also highlights the potential for the adaptive reuse of unfinished buildings in Piraeus, where the development of professionally managed hospitality properties and the entry of international hotel brands are helping attract both visitors and investment capital.