Hotel Investment Partners (HIP) has signed an agreement to acquire the Elounda Blu hotel in Greece from Greek hospitality group Ledra Hotels & Villas. HIP is the largest owner of resort hotels in Southern Europe owned by funds managed by Blackstone.
According to an announcement, Blackstone and HIP will invest over 6 million euros to upgrade, transform and reposition the hotel to a 5-star internationally branded resort. The plan includes the full refurbishment of the hotel, the development of new suites and a new pool area and restaurant, enhancing the property where more than 90 percent of rooms have sea views.
With the acquisition of the Elounda Blu, HIP has boosted its Greek hotel portfolio to six, further cementing its footprint in the Southern European and Greek tourist markets.
“This investment reaffirms our long-term confidence in Greece as a premier global tourist destination, as well as our commitment to supporting job creation and local growth,” Alejandro Hernández-Puértolas, CEO and founding partner of HIP, said.
The Elounda Blu hotel will continue to be operated by Ledra Hotels & Villas under an international 5-star flag post the transformation.
“Ledra Hotels and Villas is focused on further growing the portfolio of Domes Resorts and exporting the brand outside Greece. This agreement followed by the capex investment and the addition of an international brand, will further enhance the Domes presence in the distinguished worldwide luxury destination of Elounda,” Dr George Spanos, Vice President of Ledra Hotels & Villas, said.
According to Dr Spanos, Domes Resorts will continue with a mix of owned, managed, franchised and leased hotels.