Henderson Park and Hines have sold the Grand Hyatt Athens hotel to funds managed by Blackstone Real Estate for €235 million.
Henderson Park and Hines teamed up to acquire the hotel in 2017 when it was known as the Ledra Marriott. The duo then embarked on a significant upgrade and repositioning of the asset, capitalising on its heritage as being one of Athens’ top five hotels since its original construction in 1984. The acquisition marked both firms’ entry into the Greek market.
Since its purchase, Henderson Park and Hines have completed an extensive renovation and expansion of the hotel, increasing the number of keys from 315 to 548 by acquiring and converting the adjacent property.
Source: realassets.ipe.com on the 26th of November