Hotel Investment Partners (HIP) has announced the acquisition of the Elounda Blu hotel in Greece from the hospitality group Ledra Hotels & Villas. The largest owner of resort hotels in Southern Europe, HIP is in turn owned by funds managed by Blackstone.
According to the announcement, the 4-star Elounda Blue’s 183-rooms on Crete, will get a 6 million euro makeover and upgrade. The new 5-star resort hotel is to get new suites, a new pool area and restaurant, and other improvements.
With the acquisition of the Elounda Blu, HIP has boosted its Greek hotel portfolio to six, further broadening its Greek and European footprint. cementing its footprint in the Southern European and Greek tourist markets. Alejandro Hernández-Puértolas, CEO and founding partner of HIP, was quoted by GTP saying:
“This investment reaffirms our long-term confidence in Greece as a premier global tourist destination, as well as our commitment to supporting job creation and local growth.”
The Elounda Blu hotel will continue to be operated by Ledra Hotels & Villas under an international 5-star flag post the transformation. Dr George Spanos, Vice President of Ledra Hotels & Villas commented:
“Ledra Hotels and Villas is focused on further growing the portfolio of Domes Resorts and exporting the brand outside Greece. This agreement followed by the capex investment and the addition of an international brand will further enhance the Domes presence in the distinguished worldwide luxury destination of Elounda.”
According to Dr. Spanos, Domes Resorts will continue with a mix of owned, managed, franchised, and leased hotels.
Tucked away on the northeastern coast of Crete above picturesque Agios Nikolaos, Elounda is a pretty fishing village perfect for a relaxing seaside getaway. If quant needed a symbol, the tiny places along Elounda bay could stand as perfect symbols. There’s even a sunken city known as Olous, famous Spinalonga, nearby Plaka, and a lot more things to see and do.