P&P advises Highgate and ETERNAM on the acquisition of the iconic Athens Zafolia Hotel

P&P acted as legal counsel to the international investment and hospitality management firm Highgate and to the French real estate portfolio management firm ETERNAM on their joint acquisition of the historic Athens Zafolia Hotel from the Zafolia family, through a dedicated special purpose vehicle.

Located on Alexandras Avenue in central Athens, the 191-room landmark property operates for nearly five decades. Following the acquisition, Highgate will assume the long-term management of the hotel, while the joint venture plans further investment to renovate and reposition the property within the Athenian hospitality market.

The transaction marks a major entry for both Highgate and Eternam into the Greek hotel sector and highlights continued international investor interest in Athens hospitality real estate.

The Papapolitis & Papapolitis team was led by Partner and Head of Corporate and M&A Evi Tsilou and Counsel Vicky Koutsopoulou, assisted by Senior Associates Erna Kritikou and Antonia Rountou and Associate Panagiotis Antonakos. Finance-related issues were handled by Partner Maria Karabella and employment and GDPR issues were handled by Counsel Despoina Charakopoulou.