A new category of hospitality property is beginning to establish a presence in Piraeus, combining the independence of an apartment with the services of a hotel. Serviced apartments cater to both leisure travellers and business executives seeking longer stays. The model\u2019s potential is reflected in Wyndham Residences Piraeus Marina Zeas, a development completed by Konstantinos Petridis\u2019s DKG Development at a cost of more than \u20ac25 million, bringing 72 serviced apartments to Marina Zeas under the international Wyndham Hotels & Resorts brand.<\/p>\n
The complex, the first development of its kind in Piraeus under an international hotel brand, has already attracted interest from both guests and investors. Almost all the residences have been sold, mainly at prices ranging from \u20ac8,000 to \u20ac10,000 per square metre, with the most expensive sale reaching \u20ac13,000 per square metre. Meanwhile, occupancy approached 100% in September, just two months after the property opened.<\/p>\n
Unlike a conventional hotel, serviced apartments allow guests to stay in fully equipped accommodation with a kitchen and living area, giving them greater independence in their daily routines. At the same time, they offer the services and professional management associated with a hotel.<\/p>\n
The model caters to several types of guest. From tourists booking a short break to professionals who need to spend weeks or longer in a city, serviced apartments aim to bridge the gap between a traditional hotel stay and renting a home.<\/p>\n
In Piraeus, this market is particularly promising because of the concentration of shipping companies, the activity generated by the port and growing visitor numbers. Demand extends beyond travellers using the city as a gateway to the Greek islands to include people visiting for work.<\/p>\n
DKG Development is pursuing this opportunity through discussions with shipping companies and sports clubs about accommodation agreements. The aim is to secure a steady flow of business executives, employees and athletes, reducing the property\u2019s reliance on seasonal leisure bookings.<\/p>\n
The initial operating figures for Wyndham Residences Piraeus Marina Zeas suggest that the concept is finding a receptive market. The property welcomed its first guests in July, with occupancy approaching 100% in September.<\/p>\n
Nightly rates start at \u20ac120 for entry-level accommodation and reach \u20ac500 for the most luxurious suites. The average daily rate, or revenue per occupied room, ranges from \u20ac120 to \u20ac130.<\/p>\n
The complex comprises 72 units measuring between 35 and 80 square metres, including 28 with views of the sea and Marina Zeas. Guests can choose from rooms, suites and apartments with fully equipped kitchens and separate living areas.<\/p>\n
Among the premium options is a suite with a private pool, terrace and panoramic views of the marina and sea. The property also offers a gym, a meeting room, transfer and wellness services, and personalised guest assistance.<\/p>\n
Beyond their role as accommodation, serviced apartments are also emerging as a distinct property investment option. For this development, DKG Development chose to sell the residences to private investors while retaining responsibility for their management.<\/p>\n
The arrangement follows a sale-and-leaseback model. Buyers acquire ownership of an apartment, which becomes part of a professionally managed hospitality operation, without having to handle its day-to-day running themselves.<\/p>\n
The company has retained management of the complex for at least ten years, aiming to ensure consistent operations and service quality.<\/p>\n
Buyer interest has been strong. Almost all 72 properties have been sold, with only the eighth-floor penthouse remaining available. A ground-floor commercial unit is also on the market.<\/p>\n
Sale prices were mainly between \u20ac8,000 and \u20ac10,000 per square metre, while the most expensive residence sold for \u20ac13,000 per square metre.<\/p>\n
Buyers include Greek Australians, Americans, Britons and Lebanese nationals, as well as entrepreneurs and senior corporate executives. This international interest highlights the potential for such property investment products to attract capital from beyond Greece.<\/p>\n
The investment began in 2020, when DKG Development acquired two adjoining, unfinished eight-storey buildings a short distance from Marina Zeas.<\/p>\n
The company combined them into a single hospitality complex, investing more than \u20ac25 million in the project.<\/p>\n
Architect Jean-Pierre Heim led the design in collaboration with Bletsas Architectural Studio.<\/p>\n
Location is one of the development\u2019s main attractions. The property stands beside one of Attica\u2019s best-known marinas, within easy reach of restaurants, leisure venues and cultural attractions.<\/p>\n
The nearby Dimotiko Theatro metro station provides connections across Attica, while central Athens is approximately ten kilometres away.<\/p>\n
The emergence of serviced apartments in Piraeus reflects the gradual diversification of the city\u2019s tourism market. According to figures from the Piraeus Port Authority, the port handles more than 20 million passengers annually, generating substantial traveller traffic, although this does not mean that all these passengers stay overnight locally.<\/p>\n
Nevertheless, the growth of cruise tourism, marina activity and the presence of major shipping companies are creating accommodation needs that traditional hotels alone do not fully address.<\/p>\n
For property developers, serviced apartments offer a way to tap into this demand, providing greater flexibility over the length of stay and different opportunities to generate income from real estate.<\/p>\n
Wyndham\u2019s presence at Marina Zeas forms part of a broader development plan agreed with DKG Development. The two companies have signed a non-exclusive agreement to develop 12 hotels in Greece over the coming years.<\/p>\n
They are exploring opportunities in both established and emerging tourism destinations, with branded residences and alternative hotel accommodation formats forming part of their investment strategy.<\/p>\n
Wyndham Hotels & Resorts currently has 15 properties in the Greek market, including branded residences, six of which are in Attica.<\/p>\n
The growth of serviced apartments also coincides with the international expansion of branded residences. According to figures presented at the opening ceremony, Greece ranks among Europe\u2019s five fastest-growing countries in this market.<\/p>\n
Wyndham Residences in Piraeus demonstrates how serviced apartments can combine three distinct activities: property development and sales, long-term management, and the provision of hotel services. Whether this investment model expands to other locations will depend, among other factors, on sustained demand, property acquisition costs and the returns available to owners.<\/p>\n","protected":false},"excerpt":{"rendered":"
A new category of hospitality property is beginning to establish a presence in Piraeus, combining the independence of an apartment with the services of a hotel. Serviced apartments cater to both leisure travellers and business executives seeking longer stays. The model\u2019s potential is reflected in Wyndham Residences Piraeus Marina Zeas, a development completed by Konstantinos<\/p>\n","protected":false},"author":83,"featured_media":43865,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","footnotes":"","_members_access_role":[],"_members_access_error":""},"categories":[516],"tags":[568,1312],"class_list":["post-43906","post","type-post","status-publish","format-standard","has-post-thumbnail","category-suppliers","tag-serviced-apartments-en","tag-dkg-development-en"],"_bunyad_layout_template":null,"_bunyad_layout_spacious":null,"_bunyad_sponsor_name":null,"_bunyad_sponsor_logo":null,"_bunyad_sponsor_url":null,"_bunyad_sub_title":"Wyndham Residences combines hotel services with apartment living, attracting both guests and property investors as Piraeus expands its accommodation offering.","_yoast_wpseo_metadesc":"Serviced apartments in Piraeus gain ground with DKG Development\u2019s \u20ac25m Wyndham Residences project at Marina Zeas, combining hotel services and property investment.","_yoast_wpseo_focuskw":"Serviced apartments in Piraeus","_yoast_wpseo_title":"Serviced Apartments in Piraeus: DKG\u2019s \u20ac25m Investment","_bunyad_layout_style":null,"yoast_head":"\n