Hotels in Greece Change Hands Through Million-euro Deals

AKS Porto Heli Hotel

Dozens of hotels in Greece worth over 300 million euros in total have gone to new owners demonstrating a growing demand among local and international investors, found a report released by tourism and hospitality data providers GBR Consulting.

More specifically, according to the findings, sales worth more than 320 million euros have been confirmed over the last few months.

Some of the main transactions completed so far this year include the sale of the 4-star, 214-room AKS Porto Heli and the 4-star, 220-room AKS Hinitsa Bay to Irish businessman Paul Richard Coulson, the largest shareholder and chairman of Ardagh Group for a reported 50 million euros.

Another major deal is the 30-suite, 5-star White Coast Pool Suites hotel on Milos that has been acquired by Invel Real Estate (51 percent) and Prodea Investments (49 percent) through the discretionary fund “Invel Eudora Fund 1LP” for a reported 14.85 million euros. The hotel from this season will be operated by Domes Resorts as an adult-only resort under the name Domes White Coast Milos. The resort will be expanded significantly.

Domes White Coast Milos. Photo © Domes Resorts & Reserves

Additionally, last year, a consortium consisting of SMERemediumCap (SMERC) / Latonia Enterprises Company Limited – Athanasios Laskaridis family / WHG Europe Limited – Brown Hotels was selected as the preferred investor for the sale of a red loan portfolio of hotels (with a legal claim of 254 million euros), known as “Project Tethys”. The deal was finalized in March 2023.

The portfolio consists of 72 hotel units with total capacity exceeding 4,000 rooms at popular tourist destinations across Greece. Half of the units are located on Aegean islands (22 units), the Ionian islands (three), and on Crete (11) and the others in the Macedonia and Thrace region (19), in Central Greece (nine) and the Peloponnese (eight).