Blackstone Real Estate Partners Europe has agreed a €178.6m deal to buy five hotel businesses in Greece.
The $154bn (€140m) real estate investor is buying the Greek hotels with 1,464 rooms from Louis Group.
The hotels include the Corcyra Beach, Grand Hotel, Zante Beach and Plagos Beach and the Creta Princess hotel.
Blackstone said the hotels will continue to be operated by Louis Group under the management of HIP, a hospitality company owned by Blackstone managed funds.
Through HIP, Blackstone said it will invest capital to renovate and reposition these hotels.
James Seppala, head of European real estate at Blackstone, said: “Greece is a fantastic destination with an incredible history, wonderful weather, and meaningfully improving connectivity with the rest of the world.
“We are excited to invest here, to help Greece maintain its rightful place as a premier global tourist destination and spur local economic growth.”
Costakis Loizou, chairman of Louis Group, said: “The transformation of these hotels will be a boost for the Greek tourist sector and we look forward to working with both Blackstone and HIP to enhance the experience of guests staying in these hotels.”
Alejandro Hernández-Puértolas, CEO and founding partner of HIP, said: “We are very pleased to announce our first investment outside of Spain, and more specifically in Greece, a country that is globally renowned for its leisure offering and unique locations.
“With this acquisition, we see an opportunity to add value by investing and actively managing the hotel businesses as we have done with the rest of our HIP portfolio.”