Blue Cedar REIC, which is linked to the Efymorfidis family, has completed another step towards implementing its €56.7m tourism investment in Patras, with the issue of a demolition permit for the former hotel complex at Arachovitika.
The latest permitting development concerns a property covering approximately 21.4 stremmas on the Old National Road between Patras and Athens. The listed real estate investment company owns it outright and intends to develop it for tourism.
According to the relevant decision by the Building Services Department of the Municipality of Patras, issued on 21 October 2026, a demolition permit was granted for the existing hotel, valid until 21 October 2027.
The decision effectively concerns the former Alexander Bay hotel, which is referred to in earlier administrative documents relating to the property and forms part of a coastal site with potential for tourism development.
The plans
The development of the property is part of Blue Cedar’s broader investment plans. The company has set in motion plans to build a five-star hotel complex and holiday homes in Rio.
Under the plan published in May 2026, the project, Coco-Mat Village, was the largest single investment in the company’s programme. Preparatory work included drawing up the master plan and demolishing the existing facilities.
Property details
According to the building permit, the plot has a total area of 21,441.86 sq m, while the existing buildings have a footprint of 5,220.77 sq m and a built area of approximately 5,199 sq m.
The hotel complex has a long history, with the original building permit for tourism facilities dating back to 1969. A permit for an extension was issued in 1989.
It is worth noting that a demolition permit was also issued for the same property in December 2009, but expired a year later. The new permit brings the removal of the old facilities back into the permitting process.
A certificate setting out the building terms had previously been issued on 9 October 2026. The permit file also includes approval from the Architectural Council of the Achaia Regional Unit, dated 24 May 2026.
The planned investment forms part of Blue Cedar’s strategy to develop properties with potential in the tourism sector. The Patras project stands out for its budget and the site’s coastal location.
The portfolio
According to information published on its website, the REIC holds 43 properties with a total market value of €131.3m, annualised rental income of approximately €6.15m and a loan-to-value (LTV) ratio of 2.84%. The company is also advancing investments in both the hotel sector, notably the conversion of a property in Thessaloniki into a four-star hotel, and the residential market, with developments in Athens and Monemvasia.