Blackstone buys five hotels in Greece

Blackstone Real Estate Partners Europe has acquired five Greek hotel businesses from the Louis Group, one of the leading hotel groups in the Mediterranean, at a total enterprise value of €178.6 million ($196 million).

James Seppala, head of European real estate at Blackstone, said, “Greece is a fantastic destination with an incredible history, wonderful weather and meaningfully improving connectivity with the rest of the world. We are excited to invest here, to help Greece maintain its rightful place as a premier global tourist destination and spur local economic growth. This transaction reflects our confidence in the Greek investment environment and we hope to invest further.”

The hotels will continue to be operated by Louis Group under the management of HIP, a hospitality company owned by funds managed by Blackstone. HIP is the largest owner of hotels in Southern Europe, and the acquisition expands its footprint to Greece.

Through HIP, Blackstone will in