Blackstone buys two more Greek hotels

A couple of days after completing a deal to buy the Grand Hyatt in Athens, Blackstone has also revealed two previously unannounced Greek hotel acquisitions.

The two properties acquired are: the Sunprime Miramare Beach in Rhodes and the Alexander The Great Beach Hotel in Halkidiki. The hotels will be managed by Hotel Investment Partners (HIP), which is majority owned by Blackstone with Singapore’s GIC having a 35 per cent stake.

The 174-room resort Sunprime Miramare Beach resort will undergo additional investments to modernize and reposition it. The planned CAPEX includes renovating rooms, common areas, and enhancing the dining and leisure offerings, with the project designed to meet sustainability standards.

The 208-room Alexander The Great Beach Hotel was acquired from a Greek family-run operator. The property will be operated by the Mitsis Group, one of Greece’s largest hotel chains and HIP plans to reposition the property as a luxury, all-inclusive resort targeting families. 

Why it matters

Blackstone's appetite for hotel deals in Greece is another vote of confidence for a country that is on the rise with hotel investors.