![Greek Hotel Market: Local Entrepreneurs Take Over as Funds Divest](https://www.ot.gr/wp-content/uploads/2024/04/Isla-Brown-Corinthia-Drone-day-view-girl-on-balcony-2048x1364-1.jpg)
The first funds are preparing to withdraw from the Greek hotel market, with traditional Greek hoteliers as well as Greek investment firms gearing up for a second growth opportunity.
According to stakeholders in the Greek hotel market closely associated with the funds, it is a fact that some projects have matured. Notably, local entrepreneurs are stepping up their activity, aiming to fill the gap left by funds as their investments reach maturity.
The rise in interest rates is a restraining factor for foreign funds in then Greek hotel market and at the same time, prices have risen with local hoteliers refusing to easily part with their hotels, seeking the highest possible price.
According to the latest research by HVS, hotels in Athens recorded the highest increase in their value among other European cities, with it being the only city with a double-digit percentage increase year on year.
Concerns about the “dehellenization” of Greek hotels are easing, as it’s observed that funds operate cyclically, while Greek investors are actively entering the market.
Hotelier families from Rhodes and Crete are expanding their businesses, key players in the development of Greek tourism and hotel chains.
For instance, the Hatzilazarou Group acquired three hotel units in 2023 and early 2024: Rhodes Bay Hotel & Spa and Elite Suites Rhodes in Rhodes, and the Titania Hotel in Athens, from the British fund London and Regional, which entered the Greek hotel market in 2017.
One of the biggest global hotel deals occurred in 2022 when Singapore’s state investment fund, GIC, invested in the Sani/Ikos Group, valued at 2.3 billion euros. This investment led to divestments from other funds, including Oaktree, Goldman Sachs Asset Management, Moonstone, Florac, and Hermes GPE.
Source: tovima.com
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