Greece’s Hospitality Market Booms with Key Hotel Acquisitions

Sunwing Makrigialos & Ocean Beach Club, Crete.

Greece’s hotel industry recently welcomed a new player and recorded three high-profile business deals over the past few months, according to the latest report by GBR Consulting.

Premia Properties acquires first hotels

Premia Properties, a real estate investment company, acquired its first hotels in late July through a sale-and-lease-back transaction with the Nordic Leisure Travel Group (NLTG).

The 112.5-million-euro transaction involves the 4-star Sunwing Kallithea Beach hotel on Rhodes, offering 534 rooms, and the 4-star Sunwing Makrigialos & Ocean Beach Club in Ierapetra, Crete, with 262 rooms. NLTG will continue to operate these units under a 15-year lease agreement, with an option to extend for an additional 10 years.

The transaction, financed by the National Bank of Greece, is expected to be completed by the end of this year.

Sunwing Kallithea Beach, Rhodes.

Additionally, NLTG owns the 4-star, 283-room Sunwing Makrigialos Beach in Lasithi, Crete, and the 5-star, 175-room Sunprime Miramare on Rhodes.

A leading travel operator in the Nordics, NLTG sells 1.5 million holidays annually in Sweden, Denmark, Norway, and Finland. The group includes leisure travel companies Ving, Globetrotter, Spies, Tjäreborg, Sunclass Airlines, travel retail Airshoppen, and hotel company Resorts & Hotels, which encompasses hotel chains Sunwing Family Resorts, Ocean Beach Club, and Sunprime Hotels.

Mitsis adds Messonghi Beach Hotel to portfolio

Messonghi Beach Hotel, Corfu. Photo source: Mitsis

In May, Mitsis completed the acquisition of the 4-star Messonghi Beach Hotel from the Georgoulis family.

Located in the south of Corfu ομ a coastal plot with a surface of 130 acres with direct beach access and adjacent to the Messonghi River, the resort is the largest hotel in Greece, featuring 979 rooms and bungalows. Transaction details were not disclosed.

Everty Greece buys two hotels on Kea

Porto Kea Suites, Kea.

Everty Greece, the real estate investment arm of the American investment group YNV Group in Greece, finalized a transaction in May, acquiring both 5-star hotels on the Cycladic island of Kea: the 24-room Ydor Hotel & Spa and the 35-room Porto Kea Suites Hotel & Spa.

Additionally, the luxury One&Only Kea has also opened. Everty’s hospitality portfolio includes the Adytum Villas in Porto Heli, the Iconic Santorini, and the Elounda Gulf Villas on Crete.