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.
US investment fund Blackstone is set to carry out investments of 500 million euros in Greek hotel properties, starting in the next few days.
According to sources, the first acquisition in its Greek portfolio will concern units of a hotel chain with a significant presence in the Ionian and Aegean islands, in a transaction that is expected to come to almost 200 million euros.
The management of NBG Property Services, the sector's largest company with a property portfolio worth over 2 billion euros, has decided to raise 500 million in new capital on the Athens Stock Exchange.
The new capital will help with the development of existing properties and the acquisition of new ones.
It is common knowledge that major investments are needed for Greece to definitively exit the crisis and stagnation.
Analysts and experts say that Greece needs about ten billion euros in investments annually to reach a growth rate that will allow the country to make up lost ground.
Instead, we see that efforts to attract investment usually reach an impasse.
Steps will be taken to ensure that not a single person's pension is lowered by revisions to the pension calculation rules that took effect at the start of 2019, Labour and Social Policy Minister Bisser Petkov said following an extraordinary meeting with Prime Minister Boyko Borrisov on 19th of March, reports BNT.