The company secured the lease through a successful bid, offering a monthly rent of €75,000. The agreement entails a long-term lease of 30 years, with an option to extend for an additional 10 years.
The property, with a total surface area of 4,213.73 square meters, formerly housed the offices of TSMEDE (Engineers and Public Works Contractors' Pension Fund) until 2015. Classified as a listed heritage building, it has undergone partial renovation works initiated by the pension fund, including the refurbishment of the basement, ground floor, and mezzanine, along with structural reinforcement using reinforced concrete at those levels only.
Under the terms of the agreement, the lessee is required to undertake comprehensive renovation works at its own cost, with a minimum investment of €4.5 million.
The Tornivoukas family brings over a century of experience in the hospitality sector.
TOR Hotel Group currently operates five properties—three in Thessaloniki and two in Halkidiki. These include the luxury Eagles Palace in Ouranoupoli on the Mount Athos peninsula, and the Eagles Villas; The Excelsior, located in the cultural heart of Thessaloniki; City Hotel, adjacent to Tsimiski Street; and ON Residence, which opened in 2021 on the historic site of the former “Olympus – Naoussa” restaurant. TOR Hotel Group retains a minority stake in ON Residence, with the majority ownership held by Grivalia Hospitality.
