The property that spans in a total area of 2,672 sqm is comprised in Blue Kedros REIC portfolio (100% owned by the Eumorphidis family, which is also the main shareholder of Coco Mat) and was purchase by the company in 2016.
The story of the hotel, which has been already delivered for use, dates back in 2012 with the "first deed due to antiquities found in the hotel's foundations. In 2014, the ministerial decision was issued (sponsored by the then Minister of Culture and current Speaker of the Parliament, K. Tasoula), which spoke about the highlighting of the antiquities found in the area and said that the final plans should be re-evaluated by the Central Service of the Ministry of the Interior.
That didn't happen.
In 2016, the Ministry of Culture approved the beginning of the hotel's construction, under restrictions of the New Building Regulation regarding the prescribed heights.
In 2018 there was intense protests regarding the hotel's height, having the case been forwarded to the Council of State.
The Council of Ministers by its decision in April 2020 canceled the review of the building permit and asked the Ministry of Culture to introduce the matter to the KAS. The KAS decided that this building should be 24 m high plus the terminations, which the law provides either for machines or terminations for pergolas etc. The two floors plus the extra ones, which still exist today, according to with the opinion of KAS, to be cut off".
