GBR: Greek Hotel Industry’s Latest Takeover Deals

Galaxy Hotel, Naxos.

The Greek hotel industry in recent months has seen significant activity in terms of takeover deals, with investors showing keen interest not only in Athens but also in prominent Greek islands.

The first four months of 2024 alone witnessed the completion of four notable transactions, highlighting the focus on hotel properties in the key locations of Athens, Crete, Rhodes, Corfu, and Naxos.

According to the latest report released by GBR Consulting, the new additions to the Greek tourism scene resulting from recent transactions are as follows:

– Attica Group announced in April 2024 that it acquired the 3-star Galaxy Hotel on Naxos offering 54 rooms for an amount of 14 million euros through its subsidiary Attica Blue Hospitality. The hotel is situated next to the Naxos Resort Beach Hotel which was acquired in 2021 by the group for 6.5 million euros.

– In February 2024 it was reported that two hotels were acquired by a new hotel group formed through a partnership between the Papadakis family, owners of DTS Incoming Hellas; Sören Hartmann, president of the Federal Association of the German Tourism Industry; and Ferid Nasr, owner of luxury hotels across Europe, Egypt, and Tunisia. The group, known under the name G Hotel Collection, secured the 5-star Serita Beach Hotel on Crete with 276 rooms and the 5-star Roda Beach Resort & Spa on Corfu with 520 rooms for 97 million euros. The properties were previously owned by the late Kostas Mitsis, who transferred ownership to his wife Eleni Lampri before his passing, who established the A Hotel chain. The resorts will be managed by a new team this season and renovated thereafter, aiming to enhance both properties.

Roda Beach Resort & Spa, Corfu.

– Following the acquisition of the 5-star  Rhodes Bay Hotel & Spa (formerly the Amathus hotel) including Elite Suites Rhodes Bay in January 2024, totalling 357 rooms, H Hotels Collection (Hatzilazarou Group) announced in February 2024 the acquisition of the 4-star Titania Hotel in Athens. Both properties were previously owned by London & Regional. The Titania hotel, located near Omonia Square in the heart of Athens and featuring 385 rooms, was purchased by L+R for €50 million in July 2019, as reported by the press at that time.

– Insurance company InterLife acquired the 4-star Elite hotel. The property is located in Rhodes town and offer 46 rooms and 2 suites. No transactions details were revealed.