Attracting significant hotel investments in recent years, Greece is emerging as a “magnet” for hotel investors, as confirmed by the latest data released in its latest report by GBR Consulting.
In particular, four notable acquisition deals have been completed in recent months in the Greek hotel industry, with Athens and three Greek islands, Crete, Rhodes, Corfu and Naxos, attracting investor interest.
More specifically, Attica Group announced in April 2024 that it had acquired the 3-star Galaxy Hotel in Naxos, which has 54 rooms, for €14 million through its subsidiary Attica Blue Hospitality. The hotel is located next to the Naxos Resort Beach Hotel which was acquired by the group in 2021 for €6.5 million.
Previously, in February 2024, two hotels in Crete and Corfu were acquired by a new hotel group created by a partnership between the Papadakis family, which owns 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, under the name G Hotel Collection, as reported EXCLUSIVELY by MONEY & TOURISM, has acquired the 5-star Serita Beach Hotel, in Crete, with a capacity of 276 rooms, and Roda Beach Resort & Spa, in Corfu, with 520 rooms, for €97 million. These hotels were previously owned by the late Kostas Mitsis, who before his death transferred them to his wife Eleni Lambris, who founded the A Hotel chain. The resorts will be managed by the new team this season and will then be renovated with the aim of upgrading them.
Meanwhile, in February, as also reported EXCLUSIVELY by MONEY & TOURISM, H Hotels Collection (Hatzilazarou Group) announced the acquisition of the 4-star Titania Hotel in Athens, following the acquisition of the 5-star Rhodes Bay Hotel & Spa (formerly Amathus Hotel), which included the Elite Suites Rhodes Bay in January 2024, with a total capacity of 357 rooms. Both hotels were previously owned by London & Regional.
The Titania Hotel, located in the heart of Athens and featuring 385 rooms, was acquired by L+R in July 2019 for €50 million.
Also, GBR reports that insurance company InterLife has acquired the 4-star Elite Hotel in Rhodes, with a capacity of 46 rooms and 2 suites, without disclosing details of the acquisition. Located a stone’s throw from the Medieval Town, the hotel, which has been fully renovated in 2017, is an ideal proposition for a pleasant and peaceful stay all year round.
