Otus I.K.E.’s second tourism project in Arcadia marks its selection as the winning bidder in the tender conducted by the Public Real Estate Company (ETAD) for the development of the Xenia Vytina hotel.
“Otus I.K.E.,” managed by Stratis Batayas, is the company behind the conversion of the old sanatorium in Magouliana, Arcadia, into the luxury mountain resort, Manna Arcadia.
With this new move, the company further strengthens its presence in Peloponnese tourism by investing in historic properties with strong architectural character that are also acquiring a tourism identity.
As part of the open online tender organized by the Superfund’s subsidiary, the company submitted the highest bid (i.e., annual rent), amounting to €121,003.63, via the e-publicrealestate.gr platform.
The project involves a long-term lease of the property for 40 years, with the option to extend for an additional ten years. The property covers a total area of 36,638 square meters and includes the inactive hotel with a total floor area of 1,315.93 square meters, plus a 61.65-square-meter basement, with a capacity of 20 double rooms.
The investment is expected to lead to the reopening of an iconic property in the region, enhancing the tourism offering of mountainous Arcadia and helping to extend the tourist season.
The Xenia Vytina, one of the most characteristic examples of post-war Xenia architecture, was built in 1961 based on designs by architect Kostas Bitsios, and in 2008 it was designated a listed monument by the Central Council of Modern Monuments.
Otus’s new investment is part of a broader trend of revitalizing historic tourist properties owned by ETAD, with the aim of reopening iconic sites through private funding. According to reports, the next step in this direction is the announcement of a similar tender for the operation of the Xenia Kalentziou.
The first project in Magouliana
The development of the Xenia in Vytina is Otus’s second investment, following the renovation of the property that operated from 1929 to 1938 as a sanatorium for wounded soldiers from the Balkan Wars and the Asia Minor Campaign.
The development of the Manna Arcadia hotel is one of the most notable examples of the adaptive reuse of a historic property in Greek tourism. This iconic building regained its identity following a €9 million investment and now operates as a high-end boutique mountain resort, a member of Design Hotels.
The resort, which was completely rebuilt from the ground up, features 32 rooms and suites and has successfully put Arcadia on the global travel map. Manna Arcadia has invested heavily in gastronomy, wellness, and sustainability, aiming to attract discerning travelers seeking experiences beyond the traditional “sun and sea” model.
It should be noted that Otus acquired this specific property through a tender conducted in 2015 by the Hellenic Republic Asset Development Fund (HRADF). It is worth recalling that since 1938, when it ceased to operate as a sanatorium, the property remained abandoned for approximately eight decades, and it took nearly four years of research and work to complete its renovation.