The property, with a total surface area of 4,564 square meters, located at 21, 23, and 25 Dimitrakopoulou Street and 22–22B Falirou Street, involves the redevelopment of a listed building—preserving its protected façades—which previously operated as a car park. The site is being transformed into a four-star hotel. While the original plan envisioned 113 rooms, Vivium now intends to complete the project on a smaller scale, comprising 65 rooms.
Ble Kedros acquired the asset in 2018, having submitted the winning bid in a public tender, for €1.38 million. Prior to its sale, the company invested approximately €4 million in demolition works and the construction of the structural framework, bringing the total investment to around €5.4 million. The subsequent sale of the property for €18.6 million generated a significant capital gain, resulting in a net profit exceeding €13 million.
As noted by Ble Kedros Chairman Michalis Evmorfidis during the company’s general meeting, the financial outcome of the transaction was highly favorable, rendering the decision strategically sound. The project posed notable technical and regulatory challenges, primarily due to the preservation requirements for the façades and the site’s close proximity to the archaeological area of the Acropolis.
Vivium Holding, headquartered in the United Arab Emirates and founded by Elie Khouri, continues to expand its strategic footprint in the Greek market. With an established presence in Paros and the southern suburbs of Athens, the investment in Koukaki further strengthens its position in the hospitality sector.
Founded in 2017, Vivium focuses on alternative investments across luxury residential real estate, hospitality, technology, and the arts. Elie Khouri, a seasoned executive in the communications and media industry, has developed a diversified portfolio ranging from prime properties in Europe—particularly in Portugal—to ventures in PropTech and ArtTech.
