An agreement for the acquisition of the Elounda Blu hotel unit in Greece by Ledra Hotels & Villas was signed by Hotel Investment Partners, which is owned by Blackstone investment funds. Elounda Blu is a 4-star hotel with 183 rooms and is located in Elounda, Crete, a luxury tourist destination in Greece.
Blackstone and HIP will invest more than € 6 million in upgrading, converting and relocating the hotel to an internationally acclaimed 5-star resort. The upgrade plan envisages the complete renovation of the hotel, the development of new suites, a new swimming pool and a restaurant, thus upgrading the property as a whole as over 90% of the rooms will have sea views. The hotel will continue to be managed by Ledra Hotels & Villas, under a 5-star international flag after the renovation.
It is noted that HIP reached an agreement with Louis Group, and in September 2019 bought five hotels of the Cyprus Group in Greece for 178.6 million euros. Since then it did not proceed to another purchase until the one announced today.
Alejandro Hernández-Puértolas, CEO and founding partner of HIP said: “We have actively relocated, invested and transformed our Greek hotel portfolio since the initial acquisition of hotels in 2019. We are pleased to announce the acquisition of Elounda Blu, increasing the number of hotels in our Greek portfolio to six, further enhancing our footprint in the tourism markets of Southern Europe and Greece. This investment confirms our long-term confidence in Greece as a leading global tourist destination, as well as our commitment to support job creation and local development.”
Dr. George Spanos, Vice President of Ledra Hotels & Villas said: “Ledra Hotels and Villas is committed to the development of the Domes Resorts portfolio and the development of the Domes Brand abroad. This agreement in combination with the hotel upgrade and the cooperation with an international chain will further strengthen the presence of Domes Resorts in the world-renowned luxury destination of Elounda. Domes Resorts will continue to grow through privately owned, managed or leased hotels. “Today is a very important day for Ledra Hotels and Villas and Domes Resorts.”
It is noted that HIP was founded in 2015 by Alejandro Hernandez-Puértolas and Banco Sabadell and was acquired in 2017 by Blackstone investment funds active in the real estate market. Following successive acquisitions, HIP’s portfolio has expanded to 65 hotels, with 19,345 rooms based in Spain, Greece, and Portugal.
Finally, Ledra Hotels and Villas own Domes Resorts: Domes of Elounda, Autograph Collection, Domes Noruz Chania, Autograph Collection, Domes Zeen Chania, a Luxury Collection Resort, Crete, Domes Miramare, a Luxury Collection Resort, Corfu, Domes of Corfu, Luxury Family Resort, Elounda Blu, Zante Beach Resort and Pleiades Luxurious Villas.
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