Tourism: investing in Greek hotels

   Foreign investment in Greek hotels continues. Information indicates that the acquisition of two more four-star hotel complexes by investment fund HIG Capital in Crete will be announced soon, while the concern continues to search for properties in other regions of the country.

At the same time, funds operating in the Greek hotel market are considering new investment stepsbecause they think that The future of Greek tourism is promising. The secret of “interest” lies in two words: “product update”. Many Greek hotel units located in popular destinations have not generated the expected income, but could. Investors are confident that “modernization of facilities” will significantly improve performance, and this is the work of funds.

Stakeholders buy properties and, by constantly investing in them, modernize hotels, making them attractive to tourists in Greece, which, according to the survey, is third most popular place after Spain and Turkey.

The product upgrade is what gives new opportunities for the development of Greek tourism, notes Konstantinos Bytros, CEO of Inventio, the exclusive partner of HIG Capital in Greece. HIG, which has already made significant investments in Greece, continues to move in this direction.

HIG Capital, which has over $45 billion in assets under management internationally, has acquired two hotel complexes in Rhodes from Aldemar, owned by the Angelopoulos group. These are South Tourism Enterprises SA hotels, known as Paradise Village and Amilia Mare in Kallithea, with a total capacity of 2300 beds. The corresponding agreement was signed at the end of 2019. At the same time, he secured the purchase of four hotels in Corfu, in particular, the divisions of Mayor Hotels & Resorts of the GE Dimitriou group, Mon Repos Palace “ART Hotel”, Capo Di Corfu, La Grotta Verde Grand Resort and Pelekas Monastery.

At the same time, he recently acquired a 45% stake in the Cypriotis Group, and also bought loans worth €140 million from Piraeus, Eurobank and Attica Bank. Hines has also invested heavily in hotel complexes in our country. Beyond the legendary Grand Hyatt in Athensthe group acquired three Cyan Group hotels in Crete and two other Mamidakis hotels in Agios Nikolaos, Ermis and Coral.

Coral has already been converted into a luxurious 5-star NIKO Seaside Resort and opened in May 2022. Ermis is undergoing renovations and upgrades with a view to opening in 2023 as the Intercontinental Resort Crete.

In addition, the expansion of the Grand Hyatt on Syngrou Street was recently completed and now has 548 rooms and is one of the largest hotels in the country and the largest Grand Hyatt in Europe.



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