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GREEK NEWS

Piraeus Bank Finances Acquisition of Five Hotels on Crete

Apollonia Resort on the Greek island of Crete. Photo: Henderson Park and Hines

Piraeus Bank, Greece’s largest lender, announced on Thursday it has financed the acquisition of five hotels in resort locations on the island of Crete by the international real estate company Henderson Park and Hines.

The 1,094-room, 67,000-square-meter portfolio comprises five waterfront hotels in key resort locations across the island, as follows:

  • Hermes and Coral, two adjacent hotels with 218 and 170 rooms respectively, centrally located in the coastal city of Agios Nikolaos;
  • Santa Marina and Apollonia, with 208 and 336 rooms respectively, benefiting from prime waterfront locations in Crete’s capital city, Heraklion, which is just 5 km (three miles) from the island’s main international airport and close to the world-famous archaeological site Knossos;
  • A 162-room resort and spa hotel located in Sitia, a coastal town on the western side of the island.

“This is yet another key transaction for Piraeus Bank executed during the COVID-19 period that demonstrates our long term commitment to the hospitality sector in Greece despite the current challenges caused by the pandemic,” said Eleni Vrettou, Executive General Manager of Corporate and Investment Banking at Piraeus Bank.

Hermes Hotel on the island of Crete. Photo: Henderson Park and Hines

“It highlights our strong relationship and continuous support to international reputable investors such as Henderson Park and Hines, assisting them to realize their investment plans in Greece and to complete seamlessly demanding transactions regardless of market conditions,” she added.

Henderson Park is a European real estate asset management platform focusing on acquiring and repositioning real estate assets in several European markets. Hines is a renowned, privately-owned global real estate investment, development and asset management firm founded in 1957, with a presence in 24 countries, including Greece.

Nick Weber, Founding Partner of Henderson Park, said “While the leisure industry has no doubt been temporarily impacted by the COVID-19 crisis, we are firm believers that the industry will bounce back. With this transaction, we have been able to provide a solution to a distressed situation and gain control of a number of high quality, high-potential assets in a globally leading tourist destination at an attractive entry basis.”

Paul Gomopoulos, Senior Managing Director and country head for Greece at Hines stated “While the headwinds from the global pandemic will clearly have a material impact on the leisure and hospitality sectors, we have confidence in the mid- to long-term prospects and as such, are committed to pursuing further opportunities in this market.

“We are looking forward to continuing our successful partnership with Henderson Park, which offers a very effective combination of international expertise and local knowledge.”

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