Revenue of 1.13 million euros during its eight months of operation was recorded in 2025 by Athens Capital Suites - MGallery Collection, Lampsa's new luxury accommodation in the center of Athens, with management now turning its attention to this year, the property's first full financial year of operation with its 19 suites. It is looking forward to satisfactory occupancy and Average Room Rate.
The unit of “Zalokosta Tourism Single-Member Société Anonyme for Exclusive Purpose”, with the distinctive title “Suites Apartments Zalokosta” opened its doors on April 4, 2025. During its period of operation last year, the average room rate stood at 419 euros, occupancy at 44%, and revenue per available room (RevPAR) at 186 euros.
Of total sales amounting to 1.13 million euros, 968.7 thousand euros came from rooms, 137.9 thousand euros from food and beverages, and approximately 21.2 thousand euros from other activities.
2025 closed with losses, as expected given the start of operations and the gradual development of the property. Gross result was negative by 401.2 thousand euros, while losses before financing and investing results amounted to 647.4 thousand euros, compared with a negative result of 277.5 thousand euros in 2024, when the hotel had not yet begun operations.
Losses before taxes came to 905.3 thousand euros, from 341.8 thousand euros in the previous year, and after taxes to 891.8 thousand euros, compared with 327.4 thousand euros. The results include depreciation of 522.3 thousand euros and financial expenses of 257.8 thousand euros, which relate almost entirely to the financial cost of the lease of the property.
The investment
Athens Capital Suites - MGallery Collection was developed on the 1,854 sq.m. property at 7-9 Zalokosta, which was built in 1939 and belongs to e-EFKA. “Zalokosta Tourism”, a special purpose company and a 100% subsidiary of Lampsa, undertook the radical renovation and conversion of the building into a complex of luxury furnished apartments and suites.
Investment spending continued during 2025. Purchases of tangible and intangible fixed assets reached 2.91 million euros, after 4.21 million euros in 2024, while the book value of tangible fixed assets stood at the end of last year at 14.63 million euros, from 12.05 million euros a year earlier.
According to the financial statements, all renovation works were completed in June 2025, while, as mentioned above, the unit began operations on April 4.
To finance the company, a share capital increase of 4 million euros was carried out in November, while at the same time a reduction of 1 million euros was decided with a cash return to the shareholder. Thus, at the end of the year equity amounted to 6.97 million euros, compared with 4.86 million euros in 2024.
At the liquidity level, the company closed 2025 with positive working capital of 104 thousand euros, compared with 601 thousand euros at the end of 2024, while cash and cash equivalents increased to 286.2 thousand euros from 173.8 thousand euros. At the same time, operating activities generated positive cash flows of 216.5 thousand euros, compared with outflows of 607.3 thousand euros in 2024, with management characterizing liquidity risk as low.
The agreement with e-EFKA
The exploitation of the property, located at 7-9 Zalokosta, is carried out on the basis of the contract signed with e-EFKA in 2022, which provides for a 30-year lease with the right to a ten-year extension, with Lampsa participating as guarantor. Total lease liabilities were valued at the end of 2025 at approximately 8.16 million euros. The minimum future payments under the contract amount to 11.98 million euros, before deduction of the financial cost.
The contract also includes a variable rent linked to the hotel's turnover and the business plan. For 2025 the relevant charge amounted to approximately 13 thousand euros.
Athens Capital Suites has 19 luxury suites and its management is carried out within the framework of cooperation with Leisure Hotels, a subsidiary of Accor, under the MGallery brand. At the end of 2025, the unit employed a total of 20 employees.