Highgate and Eternam Buy the Zafolia in Athens
Highgate and Eternam have jointly acquired the Zafolia Hotel Athens, a 191-key independent hotel in downtown Athens. The two firms announced the deal on 17 September 2026.
The announcements carry no purchase price.
Highgate's First Hotel in Greece
The Zafolia is Highgate's first investment in Greece. Eternam's release states that the transaction expands Highgate's platform across Southern Europe and that the company continues to pursue opportunities there across urban hotels and destination resorts.
"This acquisition establishes Highgate's presence in Greece and demonstrates Highgate's ability to source and execute high-quality opportunities across markets," said Nicholas Mellis, senior vice president of acquisitions at Highgate. "We are delighted to be partnering with Eternam on this opportunity, and we look forward to expanding our partnership across Europe."
Highgate builds the Greek position on its Portugal portfolio, according to the release.
The Second Deal for Alcyon Hospitality Europe
For Eternam the purchase is the second investment completed by Alcyon Hospitality Europe, after the Hilton Garden Inn Rome Claridge in July. Alcyon Hospitality Europe is the third fund in Eternam's hotel range.
"Capital cities such as Rome and Athens combine structurally resilient leisure and business demand with quality hotel assets on which we see room for further value creation," said Jonathan Donio, president of Eternam. "This is an investment thesis we intend to pursue with ambition, with the fund set to deploy approximately 60 million euros of equity over the next 18 months."
191 Rooms on Alexandras Avenue
The hotel sits at 87-89 Alexandras Avenue in central Athens. Its own website lists 191 rooms and suites: 166 classic rooms, six executive rooms, six junior suites, one Olympic suite and 12 family apartments of two separate bedrooms.
The property carries a rooftop garden and a seasonal outdoor pool at the roof garden. It holds the Green Key environmental certification for tourism and leisure facilities.
Both buyers describe the Zafolia as an upscale lifestyle hotel in downtown Athens with a seasonal rooftop pool and garden and access to nearby city landmarks.
A Family Hotel for Nearly Four Decades
Eternam states that the hotel has remained family-owned and operated by the same family for nearly four decades. Highgate and Eternam say they intend to build on the legacy of the property.
Renovation of Every Guestroom and Public Space
The reinvestment plan covers a renovation of all guestrooms and all common areas. The announcements carry no start date, no budget and no completion target for the works.
The Two Buyers
Highgate is an investment and hotel management firm. Eternam's release puts Highgate's assets under management above 15 billion dollars and its global portfolio at more than 400 hotels across North America, Europe, the Caribbean and Latin America.
The same release credits Highgate with more than 35 years of hospitality experience in its transaction copy. The closing corporate paragraph of that release states 30 years.
Eternam is a portfolio management company approved by the French financial regulator, the AMF. The release puts its team at 30 people managing more than 25 collective funds and 30 club deals, with more than 1.7 billion euros of assets under management. Of that total, 700 million euros sits in hotel assets spread across more than 115 hotels and 8,000 rooms.
What the Announcements Do Not Say
The releases give no purchase price, no renovation timetable and no management arrangements for the hotel after the sale. No hotel operator is named.
The hotel's own website carries a copyright line reading "Attikos Ouranos - Athens Zafolia Hotel".