Louis plc on Friday announced the sale of five hotels belonging to its Greek subsidiary, Louis Hotels SA, to real estate funds managed by Blackstone.
These hotel businesses comprise the Grand Hotel and Corcyra Beach in Corfu, Zante Beach and Plagos Beach in Zakynthos and the Creta Princess Beach in Crete. They have a total of 1,464 rooms.
“Louis Hotels will continue to operate them under the management of HIP, a hospitality company owned by Blackstone funds,” the announcement said.
Louis Hotels retains and operates the remaining 21 Hotels in its portfolio in Greece and Cyprus.
The total enterprise value of the transaction is reportedly €178.6 million.
According to Louis, the net sale price and the resulting accounting profit will be determined at the closing of the sale. This will follow the completion of the separation of the businesses to be sold via a partial demerger, estimated to take place around the end of 2019.
The transaction is subject to the relevant antitrust authorities.