The plan to revive Xenia Vytina, being developed by Otus ΙΚΕ, the company behind the conversion of the former sanatorium in Magouliana, Arcadia, into a luxury mountain resort, has taken another step towards implementation.
The company, which was named the definitive winning bidder in the tender conducted by the Hellenic Public Properties Company (ETAD) for the redevelopment of Xenia Vytina, is moving ahead with the permitting process to convert the property into a five-star hotel with 98 beds.
As part of this process, Gortynia’s Building Service yesterday granted preliminary approval of the building permit for the restoration and reuse of the former Xenia’s existing buildings, as well as the addition of new accommodation and spa facilities, with underground areas.
With Xenia Vytina added to its investment portfolio, Otus is expanding its presence in mountainous Arcadia, once again following a model of redeveloping historic properties to create luxury hotels.
What the plan entails
According to the preliminary approval documents, the project covers a 37,534 sq m site in the Kampea area of the Vytina municipal unit and includes both the restoration of the existing facilities and the construction of new buildings.
The existing floor area totals 1,346.42 sq m, while the planned new floor area is 1,656.39 sq m, bringing the total to 3,002.81 sq m. The buildings’ total footprint is expected to come to 2,250.27 sq m, while the plan includes 20 parking spaces.
The development of new accommodation and spa facilities reflects the plan to create an integrated hotel complex offering hospitality and wellness services.
It should be noted that the document makes no mention of either the size of the investment or the timetable for completion and opening of the new hotel.
The lease from ETAD
Otus ΙΚΕ, managed by Stratis Batagias, submitted the highest bid, offering annual rent of €121,003.63, in the electronic tender held by ETAD. The agreement provides for a long-term lease of the property for 40 years, with the option to extend it for a further 10 years.
According to the tender documents, the property includes the inactive hotel, which had 20 double rooms. The planned new capacity of 98 beds is more than double that of the former complex, which had 40 beds.
Xenia Vytina was built in 1961 to designs by architect Kostas Bitsios and is a notable example of post-war hotel architecture. It was designated a listed monument in 2008, adding particular significance to the restoration of the existing complex.
The €9 million investment
The new investment follows the development of Manna Arcadia, the luxury mountain resort Otus created in Magouliana, Arcadia, by converting the area’s former sanatorium into a high-end hotel.
The restoration and reuse of the historic property involved an investment of €9 million. The hotel now has 32 rooms and suites and is a member of the international Design Hotels network.
The property was awarded to Otus following a 2015 tender by the Hellenic Republic Asset Development Fund (TAIPED). The building operated as a sanatorium from 1929 to 1938 and remained abandoned for about eight decades before being restored after almost four years of research and work.