International real estate firm Hines and the European real estate investment platform Henderson Park have acquired a five-hotel portfolio in Crete, the popular Greek Island.
The purchase by the joint venture marks the second foray into hotels within the Greek market. A mix of two transactions, the 1,094-room acquisition is a selection of five seafront hotels that comprises 67,000sq m of space in top resort locations across the island.
Nick Weber, Founding Partner of Henderson Park, said: “While the leisure industry has no doubt been temporarily impacted by the Covid-19 crisis, we are firm believers that it will bounce back. With this transaction we have been able to provide a solution to a distressed situation and gain control of a number of high quality, high-potential assets in a globally leading tourist destination at an attractive entry basis. Government plans to begin reopening Greece are reaffirming our overall investment thesis and we have strong conviction in the significant repositioning opportunities that have been identified to enhance longer term value. We are pleased to be working with Hines on yet another exciting Greek hospitality project where we believe our combined global expertise and institutional approach will give us a distinct competitive advantage in a market, where hotel ownership is surprisingly fragmented and characterised by many local owner-operators.”
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