Piraeus Bank funds Cretan hotel purchases

Piraeus Bank funds Cretan hotel purchases

Piraeus Bank said on Thursday it has financed a deal by property investment companies Henderson Park and Hines to buy five hotels on the island of Crete in southern Greece, a sign of the bank’s commitment to the tourism industry despite coronavirus constraints.

Greece’s largest lender by assets said the hotels, with more than 1,000 rooms, include the Hermes and Coral hotels in Agios Nikolaos, the Santa Marina Resort and Apollonia Resort in Iraklio and the Sitia Beach Resort.

“This is yet another key transaction executed during the Covid-19 period demonstrating our long-term commitment to the hospitality sector in Greece despite the current challenges caused by the pandemic,” said Eleni Vrettou, executive general manager of corporate and investment banking at Piraeus Bank. [Reuters]

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