Shaner Italia, CS Hospitality form JV for expansion in Greece, Cyprus

Renaissance Tuscany Il Ciocco Resort & Spa, Italy. Photo credit: Marriott International

Europe-based hotel owner and operator Shaner Italia, a division of The Shaner Hotel Group, has entered into a joint venture with Athens, Greece-based CS Hospitality to expand their hotel operations in Greece and Cyprus.
 
“Focusing on a much-needed, high-end global hospitality experience is very timely. Greece is expecting over 30 million visitors this year,” Andreas Contos, CEO of CS Hospitality, said in a statement.
 
Shaner Italia plans to expand its footprint in the Mediterranean region through its JV with CS Hospitality. The move follows the operator’s conversion of the Renaissance Tuscany Il Ciocco Hotel. The company also recently acquired the Grand Universe in the center of Lucca. The hotel is slated to open in 2019 under the Autograph Collection by Marriott brand.
 
“Greece and Cyprus are a natural expansion of our global efforts, following our footprints in Italy since 2011. Tourism as an industry is expanding, and hospitality will be the major economic force in Southern Europe” Lance Shaner, CEO of The Shaner Hotel Group, said in a statement.
 
“Shaner’s reputation, infrastructure and more than 35 years’ of experience will bring a much-needed level of operating excellence to the marketplace,” Plato Ghinos, president of The Shaner Hotel Group, said in a statement. “This new joint venture is currently finalizing several agreements, and we are working close with some global investment funds that are active in the region. We expect to announce our first transaction in the coming months.”
 
The upcoming hotels through these agreements will boost Shaner’s portfolio of more than 50 owned and managed hotels across the U.S., Italy and the Bahamas. The group’s properties operate under Marriott International, Hilton, InterContinental Hotels Group and Choice Hotels brands. Shaner currently has two hotels in Tuscany, Italy—the Renaissance Tuscany Il Ciocco Hotel in Barga and the Grand Universe Lucca—in its European portfolio.



Shaner's partner, hotel management and consulting company CS Hospitality, operates hotels under Marriott International brands throughout Greece. The next addition to its portfolio will be the Moxy Hotel Patras opening in 2018.

Suggested Articles

The latest report from STR shows negative year-over-year results in the three key performance metrics during the week of July 7-13.

Ritesh Agarwal, the company's 25-year-old founder and CEO, has signed a $2 billion primary and secondary management investment round.

By year's end, the Turkish hotel company will have five properties along the Red Sea and Mediterranean.