Greece attracts upscale attention from global brands

After years of economic highs and lows, Greece seems to be attracting new investment interest--for its hospitality industry, especially from international companies with a focus on the upscale segments.

According to Ekathimerini, Dolphin Capital Investors is planning the creation of a tourism resort complex on Kea in the Cyclades, with hotel chain Aman managing.

The Libra Group’s Grace Hotels Group is constructing two luxury hotel units at Messinia in the southwestern Peloponnese, and on Kea.

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InterContinental is planning to operate a new hotel on the Cycladic island of Santorini. The unit will be built by Athineon SA, which also owns the building that houses the Intercontinental Athenaeum in the Greek capital. The budget of that investment amounts to €30 million. 

The Carlson Rezidor Hotel Group will take over the Minos Imperial Luxury Beach Resort and Spa at Lasithi on Crete next season, in a franchise agreement that will see it renamed the Radisson Blu Beach Resort, while an investment program worth 8.5 million is under way. The Carlson Rezidor Hotel Group, with a portfolio of 1,370 units in 110 countries around the world, first came to Greece in 2012 when it activated a franchise agreement for the Radisson Blu Park Hotel on Alexandras Avenue in Athens.

 

 

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The British investment group will commit the capital over the next five years to fund the hotel group’s expansion into U.K. and Portuguese markets. 

While overall cap rates are steady for U.S. hotels, some segments are sitting on shaky ground.

The Amsterdam-based company has secured €90 million in financing for developing new hotels and refinancing its existing assets in Spain.