The Zafolia Sells With 191 Rooms
Highgate and Eternam announced on 17 September 2026 that they have acquired the Zafolia Hotel Athens. The property holds 191 guestrooms and suites on Alexandras Avenue in central Athens. The hotel's own accommodation page states 191 rooms. The purchase price was not disclosed.
The hotel trades as an independent. Its rooms now sit inside a platform run by a firm with more than 400 hotels and more than USD 15 billion in assets under management. Those two figures come from the acquirers' own release. The release publishes no management term, no fee structure and no occupancy figure for the property.
A Second Deal for Eternam's Fund
Zafolia is the second investment completed by Alcyon Hospitality Europe. The first was the Hilton Garden Inn Rome Claridge in July 2026. Alcyon is the third fund in Eternam's dedicated hospitality range.
Jonathan Donio, President of Eternam, said capital cities such as Rome and Athens combine structurally resilient leisure and business demand with quality hotel assets. He said the fund is set to deploy approximately EUR 60 million of equity over the next 18 months.
Eternam manages more than 25 collective funds and 30 club deals. The firm reports over EUR 1.7 billion in assets under management, of which EUR 700 million sits in hotel assets across more than 115 hotels and 8,000 rooms.
The Renovation Has No Dates
The reinvestment plan covers renovation of all guestrooms and public spaces. The release publishes no start date, no completion date and no closure period for that work. A revenue leader pricing Athens rooms against this property has no dated supply change to work from.
The hotel holds Green Key environmental certification and a seasonal rooftop pool and garden. Both facts are the acquirers' own. The rooftop calendar follows the hotel's own season, which the release does not state.
A First for Highgate in Greece
The acquisition is Highgate's first investment in Greece. The firm states it continues to pursue urban hotels and destination resorts across Southern Europe. It builds on its Portugal portfolio.
Two vintage figures appear in the same release. The body text credits Highgate with more than 35 years of hospitality experience. The closing boilerplate states 30 years. Both stand as printed, and neither is reconciled here.
Nicholas Mellis, Senior Vice President of Acquisitions at Highgate, said the acquisition establishes the firm's presence in Greece and demonstrates its ability to source and execute opportunities across markets.