On Friday, 20 September, the Louis Hotels Group of Cyprus announced the sale of five Greek hotels to the Blackstone Group. The total value of this sale is reported at €178.6 mln. Louis Hotels operates 26 hotels and resorts in Greece and Cyprus.
The five hotels are:
The Grand Hotel, Corfu
The Corcyra Beach Hotel, Corfu
The Zante Beach Hotel, Zakynthos
The Plagos Beach Hotel, Zakynthos
The Creta Princess Beach Hotel, Crete
In 2018, Greece saw record tourism arrivals reaching 33 million visits.
The agreement marks an important step in Greece’s tourism development prospects. The Blackstone Group’s real estate business is one of the largest property owners in the world with an estimated $154 billion of investor capital. It owns and operates assets across every major geography and sector, including logistics, rental housing, office, hospitality and retail.
The agreement enables Louis Group to continue operating the five hotels under the management of HIP, which was acquired by Blackstone in 2017. HIP is currently the third largest investor in European hotels with a portfolio of 60 hotels.
The deal with Blackstone should attract additional foreign investment as it displays confidence in the stability of the Greek investment environment. It should be noted that this agreement is subject to the Hellenic Competition Commission approval.
NavInvest Cyprus provides due diligence, business planning, financial modelling and investment advisory services in Cyprus, with a particular strength in hotel resorts. For further information on investing in Cyprus, please contact us.
Photo: (c) Louis Hotels