US private equity and investment firm HIG Capital has acquired another hotel on the large island of Crete, and specifically the four-star Aldiana Club Kreta, which is located at Mochlos site, near the coastal town of Aghios Nikolaos.
According to reports, HIG will invest upwards of 60 million US dollars for the purchase and renovation of the unit, with the current 150 rooms set to increase to 400.
The group is reportedly in talks for the acquisition hotel on Crete, this time in the Rethymno area.
The Aldiana Club Kreta is the seventh resort hotel acquired by HIG, which entered the Greek market in 2018 when it purchased the two former Aldemar Rhodes resorts – 835 and 2,500 rooms – a total investment exceeding 100 million euros at the time.
Currently, the Florida-based fund is in the process of comprehensively renovating and expanding another four units in the country, Mon Repos Palace Art Hotel, Capo Di Corfu, La Grotta Verde Grand Resort and Pelekas Monastery), which total more than 1,400.
The hotels are expected to reopen in 2024 under a new brand.
