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Hotel Investment Partners announces acquisition of Elounda Blu Hotel

Hotel Investment Partners (HIP) announced the acquisition of the Elounda Blu Hotel in Crete. HIP will invest more than € 6 mln to upgrade, transform and reposition Elounda Blu to a 5- star internationally branded resort.


Crete, Greece: 2 July 2021


(c) Elounda Blu


HIP is based in Barcelona, Spain since 2015 and is a main investor in holiday hotels in southern Europe with 65 hotels and more than 19,000 rooms located in the main tourist destinations in Spain, Portugal and Greece. HIP was acquired in 2017 by Blackstone.


The Elounda Blu is a 4-star 183-room hotel located in Elounda, in Crete.


The plan for the transformation the Elounda Blu Hotel includes:


  • Full refurbishment of the hotel;

  • Development of new suites;

  • Development of a new pool area and restaurant;

  • Enhancing the property where more than 90% of rooms have sea views.


The hotel will continue to be operated by Ledra Hotels & Villas under an international 5-star flag post the transformation.


Alejandro Hernández-Puértolas, CEO and founding partner of HIP, said:


“We have been actively repositioning, investing and transforming our Greek hotel portfolio since our initial hotel acquisition in 2019. We are delighted to acquire Elounda Blu, growing our Greek hotel portfolio to six, and cementing our footprint in the Southern European and Greek tourist markets. 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.”



Navigator Consulting supports tourism investments in Greece and has extensive experience in due diligence on tourism and property investments.


Sources:


Hotel Investment Partners. 02 July 2021


Hotel Investment Partners. 02 July 2021


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