Investment proposal

in an Art Hotel

in Thessaloniki

Thessaloniki is the second largest city of Greece, built at the sea, along the shore of Thermaïkos Gulf and a major economic, industrial, commercial, cultural, touristic and political center. It is located 520 km north of Athens. Thessaloniki is a great base, as it provides easy connections by air, land and sea with numerous national and international destinations. Its port is the largest transit-trade port in the country and one of the most important in Southeast Europe. Thessaloniki is a modern metropolis, bearing the marks of its stormy history and its cosmopolitan character, that grants it a special beauty and charm.

Thessaloniki: a destination that can’t be missed!

The city was founded in 315 BC by the Macedonian Cassander and counts a history of around 2.300 years.

In 168 BC it became part of the Roman republic and was further developed into an important trade center, actually connecting

Europe with Asia through the Roman Via Egnatia. Many of the most imposing and well decorated structures were built during

the Roman Era of its history, as Thessaloniki was one of the capitals during the Tetrarchy period.

During the first century AD and afterwards, the city became one of the first early Christian centers, after Paul the Apostle

preached here and laid the foundations for a new religion.

During the Byzantine era the city was further developed and became even bigger, being the second most important city of the

empire after Constantinople itself. Wonderful churches and other buildings were built in several areas, while extended

defensive constructions took place. In 1204 AD during the fourth crusade, the city fell into the hands of the Crusaders and thus

the “Kingdom Of Thessalonica” was created. In 1246 though, the Byzantines managed to recover the entire area.

After 1430 the ottomans conquered Thessaloniki, under the commands of Mourad II. During the Ottoman occupation period

the city once again became the most important commercial and trade center of the area and was considered of great strategic

importance due to the trade routes established. It became the new home for many ethnic communities that significantly

promoted art, culture and architecture.

In October 27, 1912 during the first Balkan War the Greek army liberated the city, while in 1917 the city faced what was perhaps

its greatest disaster ever, as a huge fire destroyed almost three quarters of the center, something that had various side effects

in the following years. Serious efforts and proposals were made by famous architects like Ernest Hebrard, in order for the city

center to be rebuilt like a modern European capital. During the 50's and the 60's the city experienced an unprecedented

construction growth that transformed the city center into its present form.

Brief His t o r i c a l Rev i ew

Unesco monuments

The walled city with its monuments can reasonably be called an open Museum. Byzantine, Post-Byzantine and Ottoman

monuments have been declared as historical landmark monuments. In 1988, fifteen monuments were included in the UNESCO

World Heritage List:

1. Byzantine Walls – These walls surrounded Thessaloniki during the Middle Ages and until the late 19th century. They were

constructed by the emperor Theodosius for the protection of the city and enclosed the uppermost northern side of the city,

the Acropolis and ended up to the White Tower. The total perimeter of the city walls was 8km.

2. Rotunda - Originally built as a centrally planned building on the axis of the monumental street connecting the triumphal arch

of Galerius with the palace complex. There are varying opinions on its use, such as being a temple of Zeus, a building of

secular-administrative character that served the needs of the palace complex, or a monument dedicated to the glory of

Constantine the Great.

3. Church of Hosios David (Latomou Monastery) - The church is primarily known for its mosaic of the vision of Prophet Ezekiel

in its alcove, one of the most important mosaics of the paleo-Christian era.

4. Basilica of Panagia Acheiropoiítou - The interior of the Basilica stands out for its architectural sculptures on the colonnades,

separating the three aisles and its excellent mosaics.

5. Basilica of Aghios Dimitrios & the Crypt - The church, dedicated to the patron saint of Thessaloniki, Saint Dimitrios, is a

pilgrim church and is primarily renowned for its mosaics that survived the great fire of 1917. Beneath the transept of the

Church is the Crypt, an underground area which was discovered due to the destructive fire of 1917.

6. Church of Aghia Sophia - This church is a typical example of a domed transitional cruciform church with ambulatory, in

imitation of the Aghia Sophia in Istanbul.

7. Church of Panagia Chalkeon - The Church is dedicated to the Virgin Mary and was built in 1028 as a sepulchral chapel.

5. Byzantine bath - The only public Byzantine bath, currently preserved in Thessaloniki, is located on the outskirts of Ano Poli

(upper town). It is a small building of rectangular design, possibly dating back to the 13th century, and retains all the areas

necessary for a bath: an antechamber, a tepid area, a warm area and a reservoir.

6. Church of Aghios Panteleimon - The Church, served as the catholicon of the Theotokou Perivleptou Monastery, also known

as Mr Isaac's Monastery.

7. Church of Aghioi Apostoli – it is located close to the western walls of the Old Town. Of great interest is the structure of the

external facades of the monument, with the ceramoplastic elements, on its eastern side, standing out. Its interior contains

excellent mosaic decoration.

11. Church of Aghios Nikolaos Orphanos – In Ano Poli, close to the eastern walls and within an enclosed yard lies the Church of

Aghios Nikolaos Orphanos. Its exquisite mural decoration is one of most complete painting complexes preserved in

Thessaloniki and is a representative of Palaeologan art.

12. Church of Aghia Ekaterini - on the outskirts of Ano Poli lies the Church of Aghia Ekaterini, which once served as the

catholicon of a Byzantine monastery. Its elegant proportions and the structure of its facades, make this monument an

excellent example of Palaeologan architecture.

13. Church of Metamorphosis tou Sotiros - It was built in 1340, and was originally dedicated to the Virgin Mary. The mural

decoration in its interior dates back to 1350-1370 and is part of the Palaeologan tradition.

14.Vlatadon Monastery - Right outside the walls of the Acropolis, is found the Vlatadon monastery, the only Byzantine

monastery still holding services in the city. The mural decoration in its interior dates between 1360 and 1380.

15. Church of Profitis Elias - On Olympiados Street, lies the imposing Church of Profitis Ilias. It is unique in Thessaloniki, in terms

of its architectural type. Of all its iconographic decoration, only the portrayal of the Infanticide, representative of the final

period of Palaeologan painting, survives in the narthex.

A walkable small city

Excellent restaurants Museums and sights

An increasingly hip and inventive nightlife

Festivals, events and vibrant culture

Shopping

Thessaloniki – one of the most frequent Google research words

Today Thessaloniki is a modern European city, an important trade and transportation center connected to all the Balkan

Countries.

Thessaloniki has always been a crossroad of civilization and culture and although it has only about one million people,

compared with Athens’s three million, it is widely considered as the cultural capital of Greece. The city is notorious for its

festivals, events and vibrant cultural life. Events such as “Thessaloniki International Trade Fair” and “Thessaloniki

International Film Festival” are held annually.

Thessaloniki is a popular tourist destination in Greece. Its name is among the 20 most frequent words, which appear on

Google search results when it comes to Greek destinations. In 1997, it was nominated as the Cultural Capital of Europe while

in 2011, it was elected a European Youth Capital of 2014. In 2010, Lonely Planet ranked Thessaloniki as the world's fifth-best

party city worldwide, comparable to other cities such as Dubai and Montreal. For 2013, National Geographic

Magazine included Thessaloniki in its top tourist destinations worldwide, while in 2014, Financial Times FDI magazine (Foreign

Direct Investments) declared Thessaloniki as the best mid-sized European city of the future for human capital and lifestyle.

Thessaloniki is also one of the largest student centers in South-Eastern Europe (more than 200,000 students) with the Aristotle

University, the city’s main university, being the largest in Greece and the Balkans.

In 2004, during the Athens Olympics, the city hosted a number of athletic events, while being one of the Greek Olympic Cities.

It is a city that blends in harmony both a modern and a traditional world. They coexist and complement each other.

Grand Malls of thousand square meters, lengthy roads with shops of every taste and on every corner, restaurants ready to

satisfy any flavor (ala carte, gourmet, award winning, bistro etc.) bar-restaurants, clubs playing music till the first hours of

dawn, festivals which attract national and international interest, casino, cinemas, exhibitions form Thessaloniki's modern way of

life, combined with all the intensive everyday rhythms of a large city.

On the other hand, little squares with stone built shops, covered markets, neighborhoods with graphic stone-paved streets

surrounded by fine, neoclassical buildings or small beautiful ottoman houses, appear unexpectedly on a road turn. It seems that

time stopped somewhere in the past …

Shopping centers

Thessaloniki is the biggest and busiest pole for shopping and entertainment in Balkans. Thus, it attracts plenty of consumers, even for a weekend. The city offers plenty of options, so that no taste or wallet is left unsatisfied. Thessaloniki’s commercial center is the largest shopping area of the city, covering of hundreds square meters. However, there is a wide range of malls, at a fairly short distance from the city center and easily accessible by car or bus.

Shopping Center "Plateia“ located in Tsimiski st., one of the most central spots of Thessaloniki

“Mega Outlet”, the biggest discount shopping center in the Balkans

“Mediterranean Cosmos” - a mall of 250.000 sq.m, one of the biggest in the Balkans

Shopping Center "Macedonia“ - consists of 35 shops, cafes, restaurants and cinemas in a total area of 140.000 sq.m.

“Apollonia Politia”, the center of branded items, such as Calvin Klein, Roberto Cavalli, Ralph Lauren, D&G etc

“Attica” mall – located in the center of the city, covers an area of 7.000 sq.m. It hosts a wide range of branded names

“One Salonica outlet mall” – the 1st outlet mall in South East Europe representing over 100 global brands

Festivals

THHF (Thessaloniki Hip Hop Festival) is Greece's biggest hip-hop festival. It is organized and promoted by Zoltan Tribe.

Thessaloniki International Film Festival With its distinct focus on independent cinema, TIFF invites filmmakers and viewers to its unique cinematic celebration, that comprises films from all over the world, film surprises, tributes and parallel events

The Urban Picnic Festival is an event that offers three days full of cinema and music

Dimitria is a three month long Festival of cultural events, that takes place every year, starting from the first days of September until December. It is named after the patron Saint of the city, Dimitrios.

The Documentary Festival aims at offering an annual gathering in Thessaloniki, that focuses on the exploration of the 21st century images, inviting the audience to explore human, landscape and a number of issues through documentary.

The Let's Dance Bellydance Festival is held every year in Thessaloniki. Its main purpose is to promote the arts and culture of the Middle Eastern Dances (Arabic, Turkish, Indian, etc) and civilizations.

Thessaloniki hosts:

30 Museums, such as the:

• State museum of Contemporary Art

• Archeological Museum

• Byzantine Museum

• Folk life and ethnological museum

• White tower

• Jewish museum

• Incectopia museum

• Museum of Photography

• Olympic museum

• Science center & technology museum, (NOESIS)

Museums & Sights

Ottoman monuments, such as the:

• Mosques of the Hamza Bey Cami, the Aladja Imaret Cami, the Yeni Cami

• Hamams (turkish bathhouses), such as the Bey Hamam, Pasha Hamam, Pazar Hamam

• Kemal Ataturk residence, Ottoman Bank, Villa Mortoch, Villa Ahmet Kapantzi

Neoclassical buildings :

Thessaloniki hosts a number of very important historical buildings, some of which have marked the history of the city through a number of critical events. Some of them are Villa Modiano, Casa Bianca, Allatini Mill, Saoul Modiano etc

Bars & Restaurants

Thessaloniki offers multiple choices for entertainment, even for the most demanding.

Both traditional and modern Greek music, jazz and rock, soul and many other kinds of music, ouzeri (a type of Greek tavern which emphasizes on “ouzo”, an internationally renowned Greek liquor) and mezedes, small finger foods), restaurants, taverns, cafés, patisseries, bars and night clubs, bouzoukia (clubs with live Greek music) are at the disposal of anyone seeking to enjoy himself from early in the morning till the first hours of the next day.

Taverns & “Ouzeri” Clubs & Pubs

Patisseries Cafés - Bistro

“Bit Bazzar” - Since 1928. Right in the heart of the city, there are several antique shops, where one can discover

literally thousands of objects from the past. Known as Thessaloniki’s ‘Monastiraki’, Bit Bazaar is the ideal place for all

those who love flea markets, for people who love discovering small treasures, such as old postal cards and photos, as

well as for anyone who just likes to take a walk in a traditional market.

“Bezesteni” – a stone-built covered market with 6 domes. Bezesten, means “Fabric” in the Turkish language. It was

built in the 15th century by Sultan Mechmet, to house shops with valuable fabrics and jewels. Nowadays, Bezesteni

hosts shops, which sell anything needed for sewing.

“Louloudadika” (Flower Shops) – a small neighborhood with flower shops, in the center of Thessaloniki. At the

moment only 6 shops are left from the 11 that used to stand there.

Tour in the “neighborhoods” of Thessaloniki

“Kapani” or “Vlavi” Market - this is the oldest market in Thessaloniki. It used to host shops which sold flour (“Un

Kapan” in the Turkish language). Its benches are overflowed with fruits, vegetables, meats, fishes, and spices.

“Modiano” – this covered market was constructed by the Jew engineer Eli Modiano in 1922. It hosts the largest

market with quality food products.

“Athonos Square” - this area is known for the small shops, where one can find products made of wicker, such as

baskets and chairs. These shops are surrounded by taverns.

“Ladadika” - The word Ladadika literally means shops that sell oil and its by-products. Nowadays, it is one of the most

frequently visited places of the city, both by locals and by visitors. Espresso bars, coffee shops, taverns, beer stores,

live Greek music spots, clubs etc can be found there. One of the city’s main spots for entertainment.

Tourism Data

Tourism Data for 2014

In October 2014, the HVS Global Hospitality Services (New York-based consulting firm, specialized in providing services and

solutions to the hospitality industry), conducted a “Global Hospitality Report”. According to the report, the effort of the

authorities of Thessaloniki to create an attractive tourist product, has paid off. Their plan was specifically to focus on the

Balkan, Middle East and Turkish markets, employ the city’s cultural attractions, improve infrastructure and boost the presence of

international hotel operators. During 2014 a notable increase in stay-overs by tourists headed for the popular Halkidiki peninsula

was noted. Year-to-August data reveal a 17.9% increase in total hotel bed nights, compared to the same period in 2013, with

October being the city’s top performing month. The report also noted an 11.9% increase in international flights to the Thessaloniki

Macedonia Airport for September 2014, compared to the same month last year.

Thessaloniki also attempts to gain by attracting international brands, that form synergies, in order to expand their presence in

Greece. This, in turn, attracts international tourists wishing to stay longer and spend more in the city.

At the same time, the Hotel Association of Thessaloniki stated that overnight stays during 2014, increased to 16,75% in

comparison to 2013. More specifically, 2.058.908 overnights were recorded in 2014 compared to 1.763.535 in 2013. The

percentage of Greeks’ overnights raised to 13,01% (1.076.558 in 2014 over 952.599 in 2013), while the ones of foreigners raised to

21,14% (982.350 in 2014 over 810.936 in 2013).

A chart follows with the 20 nationalities which most prefer visiting Thessaloniki:

The 20 first nationalities which most visited Thessaloniki during 2014

Country No. of Overnights 2014 No. of Overnights 2013 Percentage

Greece 1.076.558 952.599 13,01%

Cyprus 107.434 76.029 41,31%

Turkey 75.223 71.437 5,30%

Russia 72.763 90.071 -19,22%

USA 62.668 44.319 41,40%

Germany 56.920 41.020 38,76%

Serbia & Montenegro 55.350 38.572 43,50%

Romania 51.856 40.495 28,06%

Italy 51.433 44.084 16,67%

Bulgaria 50.031 40.872 22,41%

Israel 42.665 48.477 -11,99%

United Kingdom 33.984 23.588 44,07%

Poland 27.963 12.275 127,80%

Albania 27.828 23.375 19,05%

France 24.245 20.297 19,45%

Libya 22.281 19.335 15,24%

Holland 16.649 8.475 96,45%

Syria 14.556 1.989 631,83%

Australia 14.321 12.650 13,21%

Belgium 13.169 7.074 86,16%

F.Y.R.O.M. 12.396 15.533 -20,20%

Tourism Data for 2015

The political and economical changes, that took place in Greece during the past 8 months, did not leave the tourism sector

unaffected. However, according to a research, conducted by GBR Consulting, on behalf of Thessaloniki Hotels Association, the

total number of overnight stays in the first eight months of 2015 rose by 7,57%, coming up to 1,400,897 stays (709,972 by

foreign tourists), compared to 1,302,347 in the same period last year.

More specifically, Greeks were first with 690,925 overnight stays, up by 6.11 percent, followed by Cypriots at 83,823

overnighters, an 18.51 percent increase.

Turkish travelers came second with 52,752 overnight stays, up by 4,14%. Serb holidaymakers were third with 43,295

overnighters, an increase of 5.02%. Germans chose to stay more in Thessaloniki, compared to last year, with 40,862 stays, up by

11.05 percent, with the Romanians fifth at 40,200 overnight stays, a 0.09 percent increase. American holidaymakers meanwhile,

are beginning to take a liking for Thessaloniki, recording a 36.69 percent rise, with 35,724 overnight stays. US travelers have

expressed a keen interest in the city’s religious tourism offerings, which also attract higher income visitors.

Profile of tourists

Mr Sapountzis, president and chief executive officer of “Tourism Plus”, a company specialized in the development of touristic

strategies, during his speech at the annual convention of the “Association of Hotel Managers of Macedonia-Thrace”, analyzed

the profile of tourists visiting Thessaloniki:

Russians: they consider travelling to be prestigious. They seek seaside destinations, luxurious hotels, clean seas, safety

and they are interested in religious concept tourism

Turkish: their criterion for choosing a holiday destination, is its rich cultural heritage and not necessary the sea. They

decide in an instant, where to spend their holidays

Israelis: they like to rent a car and explore their holiday destination. They are fond of quality food, shopping, historic

places, small cities, music concerts

Americans: they consider Thessaloniki to be an “exotic” place; it combines the sun and the sea, the food and the history

Italians: they trust travel agencies for their escapes and the services offered by hotels. They like “quality food” and

prefer hotels with catering services, such as “Bed & Breakfast”. They also prefer environmental friendly hotels

Germans: they tend to book very early their summer holidays, around January. Besides the sea and the sun, they are

interested in thematic travel packages such as “The Route that Apostle Paul Followed in Greece”

Romanians: they are after good prices and early booking. They prefer to visit Thessaloniki with their car. 50% of the

Romanians, who travel abroad, is of high-income and they spend a lot in the local market

Serbs: visiting Greece and especially Northern Greece, is their top holiday destination. They tend to save money to go

on holiday and if they are satisfied with the place of their visit, they re-visit it. They are very interested in

cultural events, religious tourism, city breaks, theme parks

Concluding, Mr Sapountzis, noted that during the next decade, Asian and Middle East tourists will occupy the first 10 places of

the chart with the nationalities that will mostly visit Greece.

The Municipality of Thessaloniki, in an effort to increase the number of visitors coming to the city, is developing alternative

forms of tourism or enforces the existing ones:

Historical – Anniversary Tourism: Honoring important historical events, such as the 1st World War, by organizing visits to

related monuments, sites and paths.

Wedding-Juvenile Tourism: Harnessing the historical monuments of Thessaloniki (ancient Greek, Roman, Byzantine, etc.) for

the organization of thematic weddings. Encouragement of creation of special tourist packages (student weekends / interrail –

travelling in Europe by train) and infrastructure for the attraction of youth (youth hostels).

Religious – Pilgrimage Tourism: Promotion of religious monuments and sites of Thessaloniki. Support actions taken for the

enrichment of the Byzantine identity of the city, such as the Festival of Byzantine Art and History.

Shopping Festival: enforcement of the local economy, through sales and offers in shops, restaurants, hotels.

City Break: Promotion of the city of Thessaloniki as the ideal destination for a short excursion.

Food Festival: promotion of the local gastronomy, nationally and internationally.

Conference tourism: Promotion of the city as an ideal destination for the organization of conferences.

Educational Tourism: Enforcement of the number of foreign students who can study in Thessaloniki.

Health - Geothermal springs Tourism: this mainly concerns the hospitality of patients from countries that lack high standard

health services and equipment, such as Balkan countries.

Future Plans

According to the data given by the Turkish embassy in Thessaloniki to the Athens-Macedonian News

Agency (AMNA), a rise in the number of weddings between young Turks, which have taken place over the past

few years in Thessaloniki, has been observed. The reason is that intending spouses want to bind their wedding

day with a place of great importance to them: the Turkish embassy, the house where Kemal Ataturk, the founder

of the of the Republic of Turkey was born.

According to one of the largest travel agencies of Thessaloniki, which organizes trips to and from Turkey, and the

Macedonian – Thrace Union of Tour Operators, the profile of young Turkish couples, who decide to get married in

Thessaloniki, are usually well educated and spiritual people with high income. They are people, who like being in

this city and with their word to mouth, they serve as a live advertisement. They will also contribute to the

categorization of Thessaloniki as a “civilized” destination.

Usually, the couples and the people who accompany them, choose to stay in good hotels, for at least two more

nights than other tourists from the neighboring country. They organize wedding receptions by the pool and end

their visit to the city with a tour to the Othman monuments of Thessaloniki.

Thessaloniki is also preferred due to its proximity to Istanbul. Access is easy both by road and by airplane.

According to the president of the Macedonian – Thrace Union of Tour Operators, Russians also have shown

interest in performing weddings in Northern Greece, along with Israeli. Greek tour operators work towards that.

Wedding tourism

In 2013, Thessaloniki held the 219th place in the world conference ranking. In 2014, the city managed to climb 111 places and

occupy the 108th position, earning a place in the world map of conference tourism. The increase reached 57%, enlisting the city

along with Abu Dhabi, Doha and Los Angeles. According to the official ranking results, published by the International Congress

& Convention Association (ICCA), during 2014, 22 international conferences were organized in the city of Thessaloniki, in

comparison to 14 in 2013.

When it comes to the European ranking , the city climbed at the 60th place, along with Frankfurt, Belfast and Hague. A rise of

51 places compared to 2013, when Thessaloniki occupied the 111th place.

The above results enlist Thessaloniki in the highest position of the last 10 years.

Some useful conclusions, which derive from the analysis of the data, concern the agenda and the period preferred for the

holding of conferences: the main agendas are medical (18,8%), technological (13%) and scientific (14.2%) and the months

preferred are: September (20,9%), June (19.6%), October (12,9%) and March (11%).

The conference tourism is one of the most expensive tourism sectors. The conventioneer spends an average of 120€ per day,

on top of the expenses of his registration, transportation and his hotel accommodation.

Notable rise in conference tourism

THESSALONIKI: STYLISH AND CULTURED, WITHOUT THE BIG-CITY HASSLE

“Greece’s second city, Thessaloniki, is also one of the country’s most trendy and dynamic places to be – and not just in summer”

By Christopher Deliso (gonomad.com)

SOMEWHERE FOR THE WEEKEND: THESSALONIKI

“Greece's second city has been` bombed, burned and bailed out, but has never lost its creative core. And now it's on a bit of a roll” by Rachel

Howard (CondéNast traveller.com)

48 HOURS IN: THESSALONIKI

“Friendly, beautiful and with a wealth of cultural attractions, Greece's second city is better connected to the UK than ever before”

by Simon Calder (independent.co.uk)

THESSALONIKI MODERN

“Thessaloniki, northern Greece's history-rich port, has played unwilling host to several empires. Returning after a long absence, Daniel

Mendelsohn finds an up-to-the-minute modern city, still suffused with a beautiful sadness”

by Daniel Mendelsohn (travelandleisure.com)

SHORT BREAK IN THESSALONIKI, GREECE

“Ancient in origin yet young at heart, Greece’s second city is full of hidden secrets, exceptional food, thriving bars and a laid-back spirit”

by Sarah Baxter (wanderlust.co.uk)

A DAY IN THESSALONIKI, GREECE

“A day in Thessaloniki, Greece is a great introduction to Greece’s Second City. Often overlooked by tourists for Athens and the islands,

Thessaloniki has quietly been developing its own identity and with a massive young population, it is progressing nicely. Lonely Planet named

Thessaloniki as one of the top five party cities in the world. Walking around Thessaloniki, you get a sense of the energy and vibe of the city”

by Lee Abbamonte (azamaraclubcruises.com)

“IMMENSELY LIKABLE, Thessaloniki (thess-ah-lo-nee-kih) has never been more fun, cultured or affordable than it is right now. Greece's

second city has excellent restaurants, museums and sights, plus an increasingly hip and inventive nightlife scene, fleshed out by many

thousands of Greek and foreign university students. Thessaloniki's a great base, as it provides easy connections by air, land and sea with

numerous national and international destinations. And, as a safe and walkable small city, it has none of Athens' problems, either”

by lonelyplanet.com

What the world says about the city

Thessaloniki’s location is considered to be key point toward North, East and Western Europe. It is a knot of road, rail and air

transportation, that connects Greece with Balkans, Black Sea and European countries. Gradually, Thessaloniki evolves from a

metropolitan center of Macedonia-Thrace to an important growth pole of Balkans and Europe.

Location

In Greece, there are two main motorways, which cross its mainland and both pass outside Thessaloniki.

• Motorway 1 (A1), PAThE (derives from the initials of its route: Patras –Athens –Thessaloniki – Evzoni.) It is the oldest and

most important motorway in Greece and connects the country's largest cities, Athens and Thessaloniki and passes through

many important regions of Greece

• Motorway 2 (A2), Egnatia Highway or Via Egnatia, is a new motorway, starting from the port of Igoumenitsa and ending at

the Turkish border. The Egnatia Highway is also known as the "horizontal road axis" of Greece, connecting major cities of

Northern Greece, from west to east and reaching the borders of neighboring countries, such as Albania and Bulgaria.

Distances between Thessaloniki and neighboring capital cities:

Thessaloniki – Turkey (Istanbul): 595Km

Thessaloniki - Sofia (Bulgaria): 280 Km

Thessaloniki – Plovdiv (Bulgaria): 416 Km

Thessaloniki - Beograd (Serbia): 610 Km

Thessaloniki - Skopje (F.Y.R.O.M.): 220 Km

Thessaloniki - Tirana (Albania): 328 Km

Basic Motorways

By air

Macedonia International Airport (SKG) is the second largest and one of the busiest airports in Greece, with more than 35 airlines flying directly to major European cities. The airport of Thessaloniki serves more than 4 million passengers per year and it is ideally located, 15km southeast of the city center.

Reaching Thessaloniki

By car

Thessaloniki is well connected to all neighboring countries. FYROM and Bulgaria from the North, Turkey from the East and Albania from the West, as well as to Southern Greece, via excellent motorway links.

By bus

The Macedonia Intercity Bus Station connects Thessaloniki both with domestic and international destinations: Bulgaria, Albania, Slovakia, Czech Republic and Germany.

By train

Thessaloniki’s New Railway Station (TrainOSE), located very close to the city center, is connected by bus-line nr. 78, both with the “Macedonia Central Bus Station” (intercity bus terminal) and the “Macedonia International Airport”.

Since May 10th, 2014, TrainOSE has been operating international railway services, on a daily basis, on the routes Thessaloniki-Sofia and Thessaloniki- Skopje-Belgrade, along with an extensive domestic network.

The proposal:

Conversion of a historical building

to an Art Hotel

in the center of Thessaloniki

Given all the advantages Thessaloniki features as a tourist

destination, that have been mentioned so far, we propose the

investment in an innovative, newly established 4star hotel, located

at a very privileged spot, in the center of Thessaloniki.

The relatively small sized, versatile, easy to manage hotel will offer

an ideal solution for accommodation to people who look for an

elegant economy hotel in the center of the city, regardless of

whether they visit Thessaloniki for business or pleasure.

The location of the proposed property is strategic for the development of a high aesthetics hotel. It is located in the center of

Thessaloniki, featuring proximity and easy access to all main locations (both commercial and touristic).

The building was constructed in 1937 and It used to be part of a tobacco warehouse complex. The building’s façade has been

characterized as a “listed building” (protected monument) by virtue of a decision of the Hellenic Ministry of Culture. It is a

sample of “Tropical Deco”, which appeared in Thessaloniki during the second half of the 1930’s, since certain free elements and

especially the curved corners coexisted with the typical lines of De Stjil at the geometric design of the main façade.

According to the investment proposal, the building can be converted to a 4star hotel of 33 double bedrooms and 5 suites with

restaurant, bar and business center. One of its main advantages is the Roof Garden, which will offer the ability for outdoor

breakfast and dining during spring, summer, and early autumn months. The Roof Garden will cover an area of 248sqm.

The total area of the building is of 2.519 sqm.

According to the preliminary study, the hotel will be characterized by unique architectural elements, such as green patios of

about 2 m width, with a deck, sunscreens for each room, etc. It should also be noted that the final product is intended to

feature high standards in terms of function, aesthetic and building quality, meeting all the national required specifications on

energy performance, fire alarm systems etc.

Given that the structural system of the building will be reinforced, and that a full renovation will take place, an essentially

brand new building and therefore a brand new hotel will be delivered to the investor.

The proposed building

The proposal includes simply everything:

• Full restoration of the building, is planned together with full furnishing and equipment

• Complete reinforcement of the structural skeleton of the building will be made, full electromechanical installations will be

placed and the rest of necessary construction works will be performed, so that the final outcome will practically be a

completely new building

• Construction will follow the latest energy saving specifications, concerning not only the electromechanical installations, but

also the architectural design itself, such as the protection of the main façade from direct solar radiation, by creating internal

balconies, the organization of vertical gardens in the terrace etc.

• High quality hotel equipment from A to Z, as well as furniture, constructed by a leading Greek firm in the production of

business furniture, in accordance with the custom design of the architect team that has undertaken the project, will be

added

The architects that have been hired for the project, have not only designed the layout of every floor of the building in detail, but

they have gone further, by designing the decoration of interior spaces, as well. Their attitude towards higher quality modern

aesthetics and functionality has been applied in all their designs.

The investor will receive a brand new hotel, that will be turnkey ready for operation.

Should modifications in the floor plans, layout and use of spaces be required by the investor, this will be a matter of discussion,

so long the modifications are compatible with the Greek building regulations.

In case the investor seeks support for the management of the hotel, the development company will eagerly help on that.

What the proposal involves

The proposed property is located at walking distances from:

• a metro station

• the Aristotelous square

• the seaside of Thessaloniki

• social & night life areas, such as Ladadika and Valaoritou, as well as cultural spots

• banks

• the passenger port

• the White Tower

• large parking spaces

Distances from main points

By Car/Distance By Car/Time On Foot/Distance On Foot/Time

Passenger port 450 – 500 meters 3 – 5 minutes 450 – 500 meters 5-7 minutes

Railway station 1,0 – 1,2 Km 3 – 5 minutes 1,0 – 1,2 Km 10 - 16 minutes

Intercity bus station 3,3 – 3,5 Km 8 - 10 minutes _ _

Aristotelous square 700 – 900 meters 3 -5 minutes 700 - 800 meters 5 – 7 minutes

White Tower 2,00 – 2,10 Km 6 – 8 minutes 2,00 – 2,10 Km 15 – 18 minutes

Ladadika area 400 – 600 meters 2 – 6 minutes 200 – 300 meters 2 – 5 minutes

Valaoritou area 200 - 400 meters 1 -3 minutes 200 – 400 meters 3 – 5 minutes

International airport of Thessaloniki

16 – 18 Km 29 – 30 minutes _ _

Bus stop _ _ 75 – 100 meters 1 – 2 minutes

Metro station _ _ 80 – 100 meters 6 – 8 minutes

The existence of bus stops around the hotel makes moving around the city easier. The central railway station and the Intercity

Bus Station can be easily reached, both by bus and taxi. After the commencement of the operation of the subway, this will be

one more important option for moving to and from the hotel.

Spaces and dimensions of the hotel

Photorealistic images

Hotel Lobby

Hotel Lobby (continued)

Hotel Lobby (continued)

Roof garden

Roof garden (continued)

Typical bedroom

Typical bedroom (continued)

The development company

&

its associates

The development company that undertakes to deliver the proposed project at a fully completed stage, features a long

experience in building holiday complexes and residences. It has completed the construction of more than 50 houses, villas and

apartments in the last 16 years. The company focuses on property development and construction of top quality holiday houses,

villas, apartments and hotels on the island of Thassos, Halkidiki and Thessaloniki in Northern Greece.

Building quality, superior aesthetics and outstanding locations characterize all of its works.

The company features large expertise and engages a plethora of specialized technical workshops. In an effort to cover the

needs of its customers, it has established engagements with people with long term experience in the field of construction:

topographers, architects, civil engineers, decorators etc. Designers the company has collaborated with, have undertaken the

design of custom made furniture and the decoration of villas and hotels in Qatar, Florence, Madrid, Brussels, Cyprus, Santorini

and Athens. They have also equipped with custom made household equipment well known hotel chains in Russia and famous

hotels and restaurants in London, Tokyo, Las Vegas, Bahrain, Abu Dhabi and Dubai.

Reliability is an important value for the company. The establishment of long-term relationships with its clients is very frequent

and it is proven by the fact that the great majority of them are keen to offer their testimonials.

The development company

The architectural team of the proposed project, is one of Greece’s leading architectural firms. Their projects include the master

plans for six Greek universities, a series of public and private buildings and prizes in several architectural competitions. Most

of the projects have been published in architectural magazines and have been presented in several exhibitions in Greece and

abroad.

The underground extension of the Aristotle University Main Library has been awarded by an international jury the first prize of

the Hellenic Institute of Architecture “Architecture Awards 2000”, as the best public building in Greece of the period 1995-

1999.

The new headquarters building for the aluminium company “Alumil” has been awarded, also by an international jury, one of

the three equal prizes of the Mediterranean International Competition sponsored by U.I.A. (2003) for buildings with

sustainable aluminium facades.

Τhe Cultural and Recreation Centre in the Archaeological Site of the School of Aristotle at Naoussa, represented Greece - along

with 4 other projects – in the “European Union Prize for Contemporary Architecture”, Mies van der Rohe Award 2007, and also

was awarded a special prize in the Competition of the Hellenic Institute of Architecture “Architecture Awards 2008”.

Finally, the practice’s proposal for the new facilities of the Faculty of Engineering for the University of Cyprus won the first

prize in an international architectural competition of two stages in December 2010. The construction is due to begin in

January 2016.

The work of the office has been exhibited in two large retrospective exhibitions at the Benaki Museum, Athens (2011) and the

Tellogleion Museum of Thessaloniki (2012), under the title: “A journey to the limits of modernism” together with the respective

monograph .

The architectural team that has designed the project

Thank you for studying our presentation!

Upon the signature of a confidentiality and non circumvention

agreement, more information concerning the building will be handed to

the candidate investor.

We are at your disposal for any queries or clarifications, regarding our

investment proposal and look forward to a meeting and guidance to

Thessaloniki and the proposed property!