US investment firm Blackstone is further expanding its holdings in the Greek tourism industry. Its Spanish subsidiary Hotel Investment Partners has acquired a sixth hotel in Greece, the Elounda Blu in northeastern Crete.
The purchase was completed last week in a deal with owner Ledra Hotels & Villas for an undisclosed price. The acquisition comes about 20 months after Blackstone bought five units from the Louis Group.
Market sources indicate that an investment of €6 million is required to upgrade the Elounda Blu. This latest addition is expected to bring Blackstone’s total investment portfolio in the local hotel sector to more than €250 million.
Why it matters
The continued expansion of a major global investor like Blackstone into the Greek hotel market signals sustained confidence in the country’s tourism recovery and long-term growth potential. The €6 million planned upgrade of Elounda Blu reflects a strategy of asset enhancement to capture higher-value segments. With total commitments now exceeding €250 million, Blackstone’s footprint in Greece is becoming a significant force in the upscale accommodation sector, potentially influencing competitive dynamics for local operators and international tour operators sourcing inventory in Crete and beyond.
