Grand Hyatt Athens, the landmark hotel in Athens, has changed hands. Henderson Park, the international private equity real estate firm, and real estate investor and developer Hines announced that they have completed the sale of the hotel to funds managed by Blackstone Real Estate for €235 million.
In June 2017, Henderson Park and Hines acquired the 315-key hotel, then operating as Ledra Marriott, and undertook a significant renovation and repositioning process. The former owners capitalized on the hotel’s legacy as one of Athens’ top five hotels since it was constructed in 1984.
The acquisition in 2017 marked Henderson Park’s and Hines’ first venture into the Greek market. Since acquiring it, the two firms completed the refurbishment and expansion of the hotel, increasing the number of rooms to 548 by purchasing the adjacent property.
Besides upgrading the rooms and suites, the hotel’s common areas and amenities were also revitalized, including the rooftop restaurant and pool which offer panoramic views of Athens and the Acropolis. The hotel now offers a total of 4,400 square meters of meeting and conference space.
“We are proud to have contributed to the evolution of the Greek hospitality market with a new landmark destination for visitors and residents of Athens to enjoy for many years to come. The creation of the Grand Hyatt Athens represents the best of Hines as an investor and developer and we remain excited about the future of Greek hospitality,” said Paul Gomopoulos, Head of Hines Greece.
The extensive renovation and repositioning of the hotel has helped it become one of the leading luxury and conference hotels in Athens, leveraging the heritage of the hotel and the surrounding area, Henderson Park said.
“The transaction underlines our continued conviction in the hospitality sector and demonstrates our ability to create value for our investors. We are pleased to now pass on the stewardship of this fantastic property to Blackstone and to be working with them again,” said Christopher Kuhbier, head of investments, Europe, at Henderson Park.
A popular draw among leisure and business travelers, the hotel is located on Syngrou Avenue near Athens’ popular Koukaki district.
Blackstone’s acquisition of the hotel marks its 10th hotel location in Greece. The firm continues to invest significant capital in leisure through its portfolio company, Hotel Investment Partners (HIP), the owner of resorts in Southern Europe. Since acquisition, it has invested more than €750 million in strategic asset management initiatives to reposition its portfolio.
“Athens is one of Europe’s fastest growing hotel markets and we are delighted to add this unique and newly renovated landmark hotel to our growing hotel portfolio. The hotel further complements our ownership of the largest resort hotel portfolio group in Southern Europe, which continues to benefit from a rebound in business travel and tourism, giving us confidence to deploy capital with conviction,” said James Seppala, head of real estate Europe at Blackstone.
The hotel will be managed by HIP.
JLL and Eastdil Secured jointly advised on the sale.
Founded in 2015, Blackstone is owned by funds managed by Blackstone and GIC, and has a portfolio of 73 leisure assets totaling more than 22,000 keys across Spain, Greece, Italy and Portugal.
