The contenders
Of particular note is the fact that Trinity participated in the scheme that acquired the Park Hyatt Zurich in Switzerland in 2019.
As far as HIP is concerned, it has developed a portfolio of 7 4 and 5 star hotels on Greek soil. These are Domes Aulus Zante, AluaSoul Zakynthos, Creta Princess Aquapark & Spa, Domes of Corfu, Dreams Corfu Resort & Spa, Domes Aulus Elounda and Domes Noruz Kassandra. HIP’s most recent addition to Greece is Domes Aulūs Elounda which joined the Hilton Curio Collection by Hilton portfolio in May 2023 following an extensive €6.8 million renovation.
About Bain Capital, which in recent years has gained a significant presence in Greece, recently entered into a partnership with SWOT Hospitality, which takes over the management of the five-star Cora Hotel & Spa, in Afitos, on the Kassandra peninsula, in Halkidiki.
Entry of REDS
Meanwhile, the entry of REDS, the Ellactor Group, into the Greek hotel sector is marked by the leasing of the unit, owned by the Hellenic Olympic Committee (HOC), in Maroussi by the property development company listed on the Athens Stock Exchange. According to well-informed sources, the 4-star hotel in Maroussi, which was operated until last March as Civitel Olympic by the Civitel Hotels & Resorts group, was leased, in the context of a relevant tender, by the scheme made up of the REDS companies (70%) and SWOT Hospitality Management (30%), with the price still undisclosed.
According to the terms of the bidding process, the lease will have a maximum duration of up to 25 years from the signing of the contract, with the possibility of an extension for an additional 10 years following the agreement of the two parties.
REDS, however, is said to be implementing a modernization program for the hotel, with a budget of around 3 million euros.
This is the second venture of the listed company in the tourism industry, after the acquisition of the property of the former American base in Gournes, Heraklion, Crete, in the context of a tender conducted by the Public Private Property Development Fund (TAIPED). An important asset in the direction of exploitation of the property is the possibility of locating and operating a casino.
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