Europe Hotel Transactions Bulletin - Week Ending 29 November 2024

Blackstone acquires Grand Hyatt Athens from Hines and Henderson Park

US private equity group Blackstone, through its European hotel investment vehicle Hotel Investment Partners (HIP) (which is also 35% owned by Singapore’s GIC), has acquired the five-star, 548-room Grand Hyatt Athens in Greece from British real estate private equity firms Hines and Henderson Park, for a reported €235 million (€428,800 per room). Located some 3 kms south of the Acropolis of Athens, this is the city’s second largest hotel, both in terms of conference facilities and number of rooms. In 2017, Henderson Park and Hines acquired the property as the 315-key Ledra Hotel, previously a Marriott-branded property before falling into disrepair, for just €33 million (€104,800 per room). They also acquired an adjacent building and undertook a major renovation and expansion with the addition of 227 new rooms and suites, with total refurbishment and renovation costs exceeding €150 million. HIP’s southern European leisure-based hotel portfolio now includes 73 properties across Spain, Portugal, Italy and Greece. 

Blackstone acquires Sunprime Miramare and Alexander The Great hotels in Greece

US private equity group Blackstone, again through its European investment vehicle Hotel Investment Partners (HIP), has acquired another two hotels in Greece, the five-star, 174-room Sunprime Miramare Beach in Rhodes, and the four-star, 208-room Alexander The Great Beach Hotel in Halkidiki on the northern coast of Greece. Both hotels have beachfront locations. The Sunprime is set to undergo extensive renovations, including updates to the rooms and common areas, as well as enhancements to its dining and leisure facilities. Similarly, the Alexander will undergo a complete refurbishment of its rooms and HIP will reposition it as a luxury, all-inclusive resort, with Greece’s largest hotel chain, Mitsis Group, set to operate it.

London Choice Apartments acquires The Royal Hotel, Ventnor, UK from Bailey

London-based holiday apartment rental company London Choice Apartments has acquired the four-star, 51-room The Royal Hotel in Ventnor on the south coast of the Isle of Wight, UK, from hotelier William Bailey. Situated in the seaside town of Ventnor overlooking the English Channel, the property dates from 1832 and has been refurbished in a classic British style, featuring a restaurant, bar, conference facilities and an outdoor swimming pool. The hotel has been owned and operated by Bailey since 1994. London Choice Apartments will now operate the property.