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It’s been announced that Goldman Sachs will invest more money in Greece by buying and updating three hotels belonging to the GHotels group, which is currently run by the Grigoriadis family. The hotel deal includes two four-star properties and one five-star hotel in Halkidiki. It’s estimated that the three properties have around 1000 bed capacity, combined.
The investment cost is estimated to be in the region of 130 million euros. With the property value around 80/90million EUR and a further 50 million EUR spend on property upgrades.
The business plan by Goldman Sachs also notes initially giving the Grigoriadis family a minority stake in the properties with a clause for Goldman Sachs to retain later on.
There are several foreign investments that have been made in Greece by prominent investors including Goldman Sachs, and the investment of these three hotels will add to the list of high-end investments in Greece. Other high-end property investors in Greece are Blackstone and Hines. These types of property investments aren’t always popular, their properties do draw income to Greece.
Source: Goldman Sachs
