Greece Sees Hotel Transaction Activity Jump in January

The Rhodes Bay Hotel & Spa on Rhodes.

The Greek hospitality sector saw major hotel transaction activity in January with deals worth several billions of euros recorded.

According to the latest report released by GBR Consulting, renowned units changed hands in Rhodes, Thessaloniki and Koufonisia. Moreover, hoteliers and business groups active in Greece also carried out large investments in Italy and Cyprus last month.

H Hotels becomes largest local chain in Greece

More specifically, it was announced that H Hotels Collection | Hatzilazarou Group, acquired the 5-star Rhodes Bay Hotel & Spa including Elite Suites Rhodes Bay with a total room count of 357 from the British London & Regional Group (L+R), which acquired the property in 2017. L+R Hotels also owns the 4-star Titania in Athens and is participating in a joint venture for the development of a 5-star mixed use resort in the area of Kalo Livadi on Mykonos. With the acquisition, H Hotels now has a total of 7 hotels and more than 2,300 rooms on the island of Rhodes, making it the largest local chain in Greece.

The Lazart Hotel Trademark Collection by Wyndham in Thessaloniki.

At the beginning of January 2024 it was announced that Prodea sold the 207-room Dolce Milan Malpensa in Italy and the 5-star 74-room Lazart Hotel in Thessaloniki to Zeus International. The property was acquired in 2018 by NBG PANGAEA REIC (today known as Prodea Investments) for 7 million euros. Zeus International had leased the property from 2017. Following the transactions, 9 out of 20 hotels in the portfolio of Zeus International are owned.

Intracom acquires hotel on Koufonisia

At the beginning of January 2024, Intracom Holdings announced the acquisition of a 71.31 percent stake for an amount of 4.3 million euros of the Simou Brothers company, which owns the 4-star 50-room Koufonisia Hotel located on Koufonisia island in the Cyclades. The loans of Simou Brothers were part of the red loan portfolio of hotels, known as “Project Tethys”.

The Koufonisia Hotel on Koufonisia.

Cyprus’ Aphrodite Hills goes to Nicolaides brothers

Furthermore, it was announced that MVH Mediterranean Hospitality Venture Plc sold the remaining 50 percent stake in Aphrodite Hills Resort Limited (Cyprus) to W.R.A. Consultants (WRA), an interest of the Nicolaides brothers, who also run Atlantica Hotels. MVH acquired in November 2021, 100 percent of the shares of Aphrodite Hills Resort Limited and sold in September 2022 the first 50 percent to WRA.

More hotels in Prodea’s portfolio

MVH was owned by Prodea Real Estate Investment SA (25 percent), Flowpulse Limited (20 percent) and Ascetico Limited (55 percent), which is owned by Yoda Plc, an interest of Ioannis Papalekas (Globalworth). In December 2023 it was announced that Prodea acquired the 55 percent from Ascetico Limited, bringing Prodea’s share of MVH to 80 percent. In January 2024 it was reported that the 254-million-euro transaction was completed.

After the above mentioned deals, MVH – 80 percent Prodea and 20 percent Flowpulse – owns in terms of hotels: the Parklane – Luxury Collection and Landmark Nicosia, Autograph Collection, both in Cyprus. In Greece, hotels in MVH’s portfolio include Nikki Beach in Porto Heli and Porto Paros on Paros, with a total capacity of 242 rooms.

The Nikki Beach Resort & Spa in Porto Heli.

In terms of hospitality assets in Greece, Prodea also owns the Moxy Patra, the Moxy Athens City through Rinacita SA, Ergon House in Athens and 49 percent of V Tourism SA, owner of the White Coast Pool Suites on Milos, which was purchased in December 2022. The remaining 51 percent belongs to Invel, which controls Prodea.