{"id":1004354114,"date":"2019-09-23T04:37:28","date_gmt":"2019-09-23T12:37:28","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004354114"},"modified":"2019-09-23T06:30:58","modified_gmt":"2019-09-23T14:30:58","slug":"blackstone-to-buy-greek-hotels-for-197m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/blackstone-to-buy-greek-hotels-for-197m\/","title":{"rendered":"Blackstone to Buy Greek Hotels for $197M"},"content":{"rendered":"
\"\"<\/a>

Corfu, Greece. Image courtesy of ARKADIUSZ MARKIEWICZ via Wikimedia Commons<\/i><\/p><\/div>\n

Blackstone Real Estate Partners Europe has agreed to buy five hotels in the Greek Islands from the Louis Group for a total of \u20ac178.6 million ($197 million). The unit of the private equity giant will acquire two hotel assets in Corfu, two in Zante and one in Crete, comprising a total of 1,464 keys. The news comes after Blackstone raised the largest-ever global real estate fund<\/a>, closing on Blackstone Real Estate Partners IX at $20.5 billion earlier this month. <\/p>\n

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READ ALSO<\/strong>: Blackstone to Buy Dream Global for $4.7B<\/a><\/p>\n

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Louis Group will continue to operate the Greek hotels under the management of HIP, a hospitality firm owned by Blackstone-managed funds. HIP is the third-largest hotel investor in Europe, with a portfolio of 60 properties totaling 17,600 keys. Louis Hotels operates 26 hotels and resorts in Greece and Cyprus, and is part of Louis plc, a Cyprus Stock Exchange-listed hotel and tourism group in the East Mediterranean.<\/p>\n

The properties changing hands include Corcyra Beach and Grand Hotel in Corfu, Zante Beach and Plagos Beach in Zante, and Creta Princess in Crete. Blackstone will invest \u201cmeaningful<\/em>\u201d capital through HIP to renovate and reposition the hotels, according to a statement.<\/p>\n

Blackstone is also investing in two regional opportunistic funds in Europe and Asia, namely BREP Europe V (\u20ac7.9 billion or $8.7 billion) and BREP Asia II ($7.2 billion). As its initial investment, the Blackstone Real Estate Partners IX fund agreed to the $18.7 billion purchase of U.S. logistics assets<\/a> from GLP alongside other Blackstone vehicles in June.<\/p>\n","protected":false},"excerpt":{"rendered":"

A unit of the global private equity firm is acquiring the 1,464-key portfolio from Europe’s Louis Group.<\/p>\n","protected":false},"author":744,"featured_media":1004354120,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21751,16,21783,21742],"tags":[33129],"class_list":["post-1004354114","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-hotel","category-international","category-investment","category-latest","tag-the-blackstone-group"],"acf":[],"yoast_head":"\nBlackstone to Buy Greek Hotels for $197M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/blackstone-to-buy-greek-hotels-for-197m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Blackstone to Buy Greek Hotels for $197M\" \/>\n<meta property=\"og:description\" content=\"A unit of the global private equity firm is acquiring the 1,464-key portfolio from Europe's Louis Group.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/blackstone-to-buy-greek-hotels-for-197m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2019-09-23T12:37:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-09-23T14:30:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/09\/Corfu-Greece.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Greg Isaacson\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/blackstone-to-buy-greek-hotels-for-197m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/blackstone-to-buy-greek-hotels-for-197m\/\",\"name\":\"Blackstone to Buy Greek Hotels for $197M - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/blackstone-to-buy-greek-hotels-for-197m\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/blackstone-to-buy-greek-hotels-for-197m\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/09\/Corfu-Greece.jpg\",\"datePublished\":\"2019-09-23T12:37:28+00:00\",\"dateModified\":\"2019-09-23T14:30:58+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/1a92010198045e41b0b801129a41b3d8\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/blackstone-to-buy-greek-hotels-for-197m\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/blackstone-to-buy-greek-hotels-for-197m\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/blackstone-to-buy-greek-hotels-for-197m\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/09\/Corfu-Greece.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/09\/Corfu-Greece.jpg\",\"width\":800,\"height\":620,\"caption\":\"Corfu, Greece. 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