The HIG Capital private investment fund has obtained direct or indirect control of at least 11 hotels across Greece over the last few years.
Eyeing the rapid recovery of Greek tourism, which is attracting a growing number of foreign visitors with greater spending power, the fund’s managers, just like many of their peers, expect significant returns.
The strategy of the London-based fund has for now been mainly focused on the buyout of hotel complexes used as collateral for nonperforming loans, and on participating in streamlining agreements through the bankruptcy law, without excluding the direct purchase of shares. The fund has also offered financial support to companies that develop hotel properties, as it did in early 2020 with Dimand Real Estate.
The most recent addition to its hotel property portfolio was the acquisition of the loans issued to the Kipriotis group by Eurobank and Piraeus Bank. Kipriotis controls five hotel complexes on Kos (Panorama Hotel & Suites, Maris Suites, Aqualand, Hippocrates and Village Resort) and HIG has acquired its 135-million-euro loans at a 40% discount, Kathimerini understands. It is set to be followed by the supply of working capital and the refurbishment of the units.