Blackstone Buys Five Greek Island Hotels
Blackstone buys five Greek island hotels.
Blackstone Real Estate Partners Europe buys five Greek island hotels from the Louis Group for $197.1 million.
They are Corcyra Beach and Grand Hotel on Corfu, Zante Beach and Plagos Beach on Zakynthos, and Creta Princess on Crete.
Louis Group will continue running the hotels under the direction of HIP, a hospitality company owned by funds managed by Blackstone. HIP is the largest owner of hotels in Southern Europe, and this deal expands its footprint to Greece.
Through HIP, Blackstone will renovate and reposition these properties.
James Seppala of Blackstone said: ‘Greece is a fantastic destination with an incredible history, wonderful weather, and meaningfully improving connectivity with the rest of the world. We are excited to invest here, to help Greece maintain its rightful place as a premier global tourist destination and spur local economic growth. This transaction reflects our confidence in the Greek investment environment, and we hope to invest further.’
Costakis Loizou of Louis Group said: ‘We are delighted to announce this transaction with Blackstone. The transformation of these hotels will be a boost for the Greek tourism sector, and we look forward to working with both Blackstone and HIP to enhance the experience of guests staying in these hotels.’
Alejandro Hernandez-Puertolas of HIP said: ‘We are pleased to announce our first investment outside of Spain, and more specifically in Greece, a country that is globally renowned for its leisure offering and unique locations. With this acquisition, we see an opportunity to add value by investing and actively managing the hotel businesses as we have done with the rest of our HIP portfolio.’
Blackstone Real Estate Partners Europe buys five Greek island hotels from the Louis Group for $197.1 million.
They are Corcyra Beach and Grand Hotel on Corfu, Zante Beach and Plagos Beach on Zakynthos, and Creta Princess on Crete.
Louis Group will continue running the hotels under the direction of HIP, a hospitality company owned by funds managed by Blackstone. HIP is the largest owner of hotels in Southern Europe, and this deal expands its footprint to Greece.
Through HIP, Blackstone will renovate and reposition these properties.
James Seppala of Blackstone said: ‘Greece is a fantastic destination with an incredible history, wonderful weather, and meaningfully improving connectivity with the rest of the world. We are excited to invest here, to help Greece maintain its rightful place as a premier global tourist destination and spur local economic growth. This transaction reflects our confidence in the Greek investment environment, and we hope to invest further.’
Costakis Loizou of Louis Group said: ‘We are delighted to announce this transaction with Blackstone. The transformation of these hotels will be a boost for the Greek tourism sector, and we look forward to working with both Blackstone and HIP to enhance the experience of guests staying in these hotels.’
Alejandro Hernandez-Puertolas of HIP said: ‘We are pleased to announce our first investment outside of Spain, and more specifically in Greece, a country that is globally renowned for its leisure offering and unique locations. With this acquisition, we see an opportunity to add value by investing and actively managing the hotel businesses as we have done with the rest of our HIP portfolio.’
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