By L. Karageorgos
Blackstone Real Estate Partners Europe has announced an agreement with hotel operator Louis Group for the purchase, by the former, of five high-end hotel resorts in Greece, a deal with an enterprise value of 178.6 million euros.
All five of the properties are on islands, namely the Corcyra Beach and Grand Hotel on the Ionian island of Corfu, Zante Beach and Plagos Beach, both on the Ionian island of Zakynthos, and Creta Princess on Crete. The five units together total 1,464 rooms and suites.
According to reports, Louis Group will continue to manage the hotels under auspices of Blackstone's hospitality subsidiary, HIP. The latter is the largest owner of hotels in southern Europe, with the intent now, apparently, to enter the Greek market.
Beyond the purchase prices, HIP is expected to funnel more capital into renovations.