Striving to have around 6000 hotel rooms in Greece, American investment capital continues to acquire residential premises HIG Capitalwhich now directly controls seven hotelsbuys another and is in litigation to acquire five more, in which he is the main creditor.

If these plans are successful, the company will form a portfolio of 13 units, which intends to expand even further. Whenever it reaches the target of 6,000 rooms, it will now be one of the top five hotel groups in terms of capacity in Greece. As explained by sources in the investment management of HIG Capital, the fund seeks to acquire capacity exclusively in resorts, and not in city hotels.

Crete

However, a contract is expected to be signed over the next few weeks to acquire another, second resort hotel in Crete, specifically in Rethymno, following the acquisition of the four-star Aldiana Club Kreta hotel last week.

The investment fund does not disclose the prices it pays for its purchases, however, according to market information, investment expenditures already made or completed exceed 500 million euros. The company is now investing more than 60 million euros in the Aldiana Club, located in the east of Mirabello Bay.

Rhodes, Kos, Corfu

Prior to the ongoing “landing” in Crete, the HIG had already focused on Rhodes, Kos and Corfu. On Kos, he will continue to acquire loans from Eurobank and Piraeus Bank for the Kypriotis hotel group, which controls five hotel complexes on the island. These are two five-star hotels Panorama Hotel & Suites and Maris Suites and three four-star hotels Aqualand, Hippocrates and Village Resort. The nominal value of Cypriot loans received by HIG Capital is 135 million euros. according to “K” were purchased at a 40% discount. However, the main shareholder of Kyprioti hotels, Kostas Kypriotis, unilaterally leased his five hotels to Hotel Brain last summer for up to 10 years.

The agreement, which includes a minimum guaranteed annual rent as well as additional interest on over-target revenues, could, market sources explain, fulfill the obligations HIG bought if it agreed to do so. However, HIG, whose funds under international management exceed $45 billion, has proceeded to acquire a stake in the company controlling five apartments, which is allegedly owned by the sister of Kostas Kipriotis, which is disputed by the hotel owner, and thus both parties are in a difficult position. court. On the contrary, the situation is clear with the remaining six hotels that HIG has acquired in previous years: these are two hotel complexes in Rhodes, which were acquired by Aldemar, the Angelopoulos group, and in particular the hotels of Notu AE Tourism Enterprises, known as Paradise Village and Amilia Mare in Kallithea, Rhodes, with a total capacity of 2300 beds.

The corresponding agreement was signed at the end of 2019. At the same time, he ensured the purchase of four hotels in Corfu and, in particular, the Mayor Hotels & Resorts divisions of the GE Dimitriou group, Mon Repos Palace ART Hotel, Capo Di Corfu, La Grotta. Verde Grand Resort and Pelekas Monastery.