Blackstone Real Estate Partners Europe, a unit of US private equity firm Blackstone Group, agreed to buy five hotels in Greece from Louis Group in a deal valued at 178.6 million euros (197 million dollars), the firm said on Friday.
Greece has seen an upsurge in tourism in recent years. A record number of about 33 million visited year.
The five hotel businesses are all located in the Greek islands – two in Corfu, two in Zakynthos and one in Crete.
Under the deal, Louis group will continue to operate the hotels under the management of HIP, a firm acquired by Blackstone real estate funds in 2017.
HIP, with a portfolio of 60 hotels, is currently the third largest investor in European hotels after Pandox and Covivo. Louis Hotels operates 26 hotels and resorts in Greece and Cyprus.
Blackstone Group this month raised the largest ever real estate fund, amassing 20.5 billion dollars to be invested in property assets around the world.