Blackstone expands Greek hotel portfolio with Elounda Blu


US investment firm Blackstone is further expanding its holdings in the Greek tourism industry, as its Spanish subsidiary Hotel Investment Partners has acquired a sixth hotel in Greece, the Elounda Blu in northeastern Crete.

About 20 months after buying out five units from the Louis Group, Blackstone made its new purchase last week in a deal with owner Ledra Hotels & Villas for an unknown price.

An investment of 6 million euros is though to be required to upgrade the unit, expected to take Blackstone’s total investment portfolio in the local hotel sector to more than €250 million, market sources say.