The European division of the American private equity firm, Blackstone Group, is investing almost $200 million in five hotels in Greece that it will purchase from Louis Group.
Greece has seen an upsurge in tourism in recent years with more than 30 million visitors annually. A record number of about 33 million visited last year.
The five hotels are all located on Greek islands — two in Corfu, two in Zakynthos and one in Crete.
Under the deal, Louis Group will continue to operate the hotels under the management of HIP, a firm acquired by Blackstone real estate funds in 2017.
According to a report in the English edition of Kathimerini, this purchase is part of a bigger $500 million buying spree that Blackstone will undertake in the Greek tourism market with more acquisitions expected in the coming weeks.
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