Invel Real Estate and Prodea Investments have teamed up to buy a five-star luxury hotel on the Greek island of Milos.

Invel’s Eudora Fund 1LP (Eudora 1) will own a 51% stake in the White Coast Pool Suites hotel with Prodea holding the remaining 49% share in the asset located near Sarakiniko beach. The pair plan to invest capital to expand the asset.

The Eudora 1 fund, which is now fully invested, holds the White Coast Pool Suites and the Hotel Bellevue in Cortina d’Ampezzo in Italy, acquired in July last year alongside Prodea.

Invel said it now plans to launch Invel Eudora Fund 2, a closed-end opportunistic real estate investments fund.

Alexis Pipilis, Invel’s head of acquisitions in the Hellenic region, said: “This acquisition is a testament to our expertise in identifying and acquiring luxury hospitality assets in outstanding locations in Southern Europe.

“It follows our acquisition of the Bellevue in Cortina d’Ampezzo and demonstrates our ability to source unique opportunities within these markets. We look forward to progressing our plans to realise the full potential of this resort on the truly majestic island of Milos, which was voted the best island in the world in 2021.”

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