luxury hotel for sale Crete, Greece

A standalone building in a prime location, just a few minutes from the Old Town of Rethymno, offering significant potential for conversion into a boutique hotel or a serviced apartment complex. The property has a total surface of 1,300 sq.m., set on a 563 sq.m. plot, and is developed across 7 levels, comprising 19 apartments. The layout includes both studios and larger apartments, featuring functional and dual-aspect spaces on the main floors, while the ground floor accommodates the reception area. Additionally, due to the natural slope of the plot, several units benefit from enhanced natural light and the feeling of being on a higher level. Partial upgrades have already been carried out, including the renovation of some bathrooms and the aesthetic improvement of the façade. However, the property requires full renovation. The building is currently leased, ensuring a steady income stream. Its location, close to the university and approximately a 15-minute walk from the sea, supports strong demand both year-round and during the tourist season. The wider area is undergoing redevelopment, further enhancing its future value. A rare investment property in the center of Rethymno, distinguished by its location and offering substantial development potential.