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Another reason for the reduction of number of hotels in downtown Athens are high rents. The group of companies Daskalandonakis rented the Classical Acropolis Hotel from a private owner. Concerning the Fashion House Hotel, which belongs to the nursing home in Athens, the annual rent amounted to 2.5 million euros annually and the amount included and Nikos Daskalandonakis’ donation to the institution.

The company intends to replace the 550 beds in Athens with 850 which will be added to its hotel panoply in the country. Asteras Alexandroupolis Hotel the works on which were finished soon will be opened in a month. The company also announced the signing of a long lease contract with a purchase option for the Meli Palace hotel on the island of Crete.