Highgate, Eternam Acquire Zafolia Hotel Athens

September 16, 2026

LONDON — Highgate and Eternam have jointly acquired the 191-room Zafolia Hotel Athens, marking Highgate’s first investment in Greece.

The acquisition expands Highgate’s presence in Southern Europe, where the hospitality company already has a portfolio in Portugal. Highgate said in a news release that it plans to continue pursuing investments in urban hotels and destination resorts throughout the region.

“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, Highgate senior vice president of acquisitions. “We are delighted to be partnering with Eternam on this opportunity, and we look forward to expanding our partnership across Europe.”

For Eternam, the acquisition is the second investment completed by Alcyon Hospitality Europe, the third fund in the firm’s hospitality investment portfolio. The fund acquired the Hilton Garden Inn Rome Claridge in July.

“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 of equity over the next 18 months.”

Zafolia Hotel Athens is an upscale hotel in downtown Athens with 191 guestrooms and suites, a seasonal rooftop pool and garden. The property holds Green Key environmental certification and has been family owned and operated for nearly four decades.

According to a news release, Highgate and Eternam plan to renovate the hotel’s guestrooms and public spaces as part of their investment in the property.