Investment fund SouthBridge Europe has inked a deal with Greek hotel management company HotelBrain to finance its development plan.
The Luxembourg-based fund, which supports dynamic enterprises with long-term growth capital, will offer HotelBrain 3 million euros in financial backing for the development of its sustainable growth plan.
“HotelBrain’s agreement with an institutional investor of international validity, confirms our belief that tourism is one of the most developed fields of Greek entrepreneurship and can provide knowhow which can be exported,” Panos Paleologos, HotelBrain president and founder, told reporters on Tuesday.
This is SouthBridge Europe’s first investment in Greece, backed by the European Investment Fund.
“Today, the investment fund manages 40 million euros, expected to reach 60 million euros by June,” said SouthBridge Europe financial advisor George Mavridis.
“The deal is a testament of the international investment community’s confidence in the company’s potential, and we hope in the process to move to other investments in Greece via HotelBrain,” Mr Mavridis added.
Founded in 2009 and initially based on the island of Santorini, HotelBrain currently manages over 110 hotels in more than 35 destinations in Greece, Lebanon, Cyprus and Turkey.
The firm, which was named “Leading Hotel Management Company” at the World Travel Awards last year, is close to reaching an agreement for the management of two hotels in Serbia, while aiming to strengthen its presence in Lebanon with the command of a second hotel there.
Mr Paleologos further added that HotelBrain is currently in talks with international chains, besides the agreements it already has with Small Luxury Hotels of the World (SLH), Relais & Chateaux, and Leading Hotels of the World.
In 2013, HotelBrain was added to the global network of Endeavor Greece, an international non-profit organization, which selects and supports the most promising companies around the world.