At 118.2 million euros, the value of the portfolio of Blue Cedars, which owns a total of 36 properties, including the Coco-Mat hotel, the value of which has increased by 11.1 million euros, i.e. by 10.39 % compared to 2022. The company that focuses mainly on the development of tourist properties recorded a turnover in 2023 of 6.7 million showing an increase of 8.19% compared to 2022.
At the same time, the “thriller” continues with the Coco-Mat Athens BC hotel at 5 Falirou Street. Specifically, the case concerning the removal of the top floors (over 24 meters) of the hotel, which have been deemed arbitrary and demolishable based on the decision of the Council of State, has evolved into a judicial and bureaucratic serial and no one knows when we will see its last episode.
The most recent development is that with a temporary order of the Athens Administrative Court of Appeal, the Ministry of Tourism has sealed all areas of the hotel that are above 24 meters, as well as the roof. The rest of the hotel continues to operate as normal. Ble Kedros is waiting for the developments since the request for suspension against the Ministry of Tourism is pending before the Athens Administrative Court of Appeal, on which a decision is expected in the next period, on which basis it will take any action to defend the her interests.
According to what is mentioned in the annual accounting statements published by the company of the Eumorphidis family, the case of Coco-Mat Athens BC significantly affects the financial results. As he points out, the assessment of the value of the property in question would amount to 32.81 million, if this legal dispute did not exist. euros, however the value of the hotel was reduced to 20.4 million euros due to the reduced capacity and its non-operation for a year in order to carry out the necessary renovations. Furthermore, its value was further reduced due to remodeling costs and fines, bringing it down to €14.5 million.
Blue Cedar, however, also runs a barrage of investments that mainly concern the tourism sector. Specifically, through the Xifia Real Estate subsidiary, which owns a plot of land in the coastal settlement of Xifia Monemvasia, it will create a new hotel unit. The company has already started the maturation of studies for the issuance of the building permit and the investment is going to reach 6 million euros. Blue Cedar also advanced the maturation studies for the 59-home development project in the same area. The project is expected to start within 2024 and will have a total budget of 20 million euros.
Also, the company received the building permit for the reconstruction of a vehicle station at 22 Faliro Street into a hotel with a capacity of 113 rooms. Work has already begun and the project’s completion time is estimated within 2025. while the estimated total budget will be 16 million euros, it is even going to receive LEED certification.
Also, within the year, it started the maturation studies for the utilization of its properties located at 96 Asklipiou and 8 Feidiou. Specifically, it acquired a preserved building with a total area of 814 sq.m., where it will be reconstructed into a hotel with a total area of 1,800 sq.m. , with about 50 rooms.
