“We are now looking to open over 20 hotels in the next 18 months – an investment that exceeds 100 million euros. It involves the Brown Hotels brand and its sub-brands. This is on top of the hotels already featured in Athens, Thessaloniki, Limassol and Nicosia,” Brown Hotels Founder and Co-owner Leon Avigad said during an online panel discussion at the 22nd Annual Capital Link – Invest in Greece Forum.
According to Avigad, the coronavirus (Covid-19) pandemic has not changed the group’s plans that include the opening of 11 hotels in Athens and Thessaloniki.
“The coronavirus pandemic has not harmed our optimism… Whoever is open-minded and flexible will adapt to the changing world. Our investment has been very rewarding so far,” he said.
He also revealed that Brown Hotels recently received a very good offer to sell one of its properties in Greece at a price that was three times higher than the property’s purchasing value. However, the group refused to sell.
Turning to extended stays
Meanwhile, Brown Hotels is looking into the opportunities emerging from Covid-19 in the hospitality industry by turning into the extended stays hospitality segment. Therefore, it has created the Brown Living, a new hospitality concept offering long stays to people that wish to stay in a hotel for longer periods.
“This has been so successful that we now think of converting some of our new ventures in Greece – properties and buildings – into Brown Living,” Avigad underlined.
Looking ahead, Avigad said that Brown Hotels is looking to further expand its concept in the Greek market, as well as to enhance Athens’ image as a tourism destination.
“The main challenge for us is to bridge the gap between the image of Mykonos and Santorini and other destinations… When it comes to Athens and Thessaloniki, though the culture and food are great, the infrastructure still lacks behind,” Avigad said.
Brown Hotels is closely working with the Greek ministries of tourism and investment, and the Municipality of Athens, in order to introduce the local bar and culinary institutions to the Brown assets in Greece.