ECONOMY

Blackstone expands Greek hotel portfolio with Elounda Blu

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.