International investment giant Hines has acquired Out of The Blue Capsis Elite Resort in Crete’s Agia Pelagia for €125.2 million. According to the news, Houston-based Hines outbid Prodea and Pireaus Bank to buy the Crete luxury resort.
Hines, one of the world’s largest real estate investment and management firms, also bought five other Crete resort hotels last month, according to their press department. The Blue Capsis acquisition comes at the end of a bidding process to sell the distressed 5-star resort owned previously by Mrs. Konstantina (Dias) Kapsi.
The luxurious 400-plus all-suites resort sits on a promontory overlooking picturesque Agia Pelagia Bay and the postcard-perfect village below. The investing news comes in the wake of a previous announcement reporting Hines snapping up the Hermes, and Coral near Agios Nikolaos, Santa Marina, and Apollonia Beach at Amoudara in Heraklion, and Sitia Beach (Instagram below) at the eastern Crete seaside resort of Sitia.
Agia Pelagia is a picturesque former fishing village situated a few kilometers west of Crete’s capital of Heraklion. The idyllic beach and bay are a favorite for tourists and locals. Visitors find the dozens of traditional taverns on the beach a vacationer’s paradise, with other Crete destinations only a short cab or car ride away. For more than forty years (1978-2018), the Blue Capsis resort has welcomes dignitaries, Saudi princes, movie stars, Russian oligarchs, and a long list of celebrities to Agia Pelagia over the years.
The Hines investment firm, founded in Houston in 1957 by Gerald D. Hines, oversees a worldwide portfolio valued at approximately $160.9 billion. Led by the founder’s son Jeffrey C. Hines, the firm has 181 developments currently underway worldwide.