Henderson Park Completes Sale of Grand Hyatt Athens to Blackstone for €235 Million
Deal News | Nov 27, 2024 | Henderson Equity Partners
Henderson Park, an international private equity real estate firm, and Hines, a global real estate investor and developer, have sold the Grand Hyatt Athens to Blackstone Real Estate for €235 million. Situated on Syngrou Avenue near Athens' Koukaki district, the hotel has augmented its reputation as a leading destination for travelers to Athens, supported by Greece's status as a top tourist destination. Initially acquired in 2017 as the 315-key Ledra Marriott, the property underwent significant upgrades, culminating in a 548-key landmark hotel featuring expanded conference facilities. This deal marks Blackstone's tenth hotel acquisition in Greece, reinforcing its robust portfolio within Southern Europe. The transaction is indicative of Henderson Park and Hines' successful repositioning of the asset and the strong potential within Greece's hospitality sector.
Sectors
- Real Estate
- Hospitality
- Private Equity
Geography
- Greece – The Grand Hyatt Athens is located in Athens, Greece, and the transaction involves the Greek hospitality market.
- Europe – The article mentions broader investments and market dynamics within Europe, particularly Southern Europe.
Industry
- Real Estate – The article discusses a real estate transaction involving the sale of a hotel property.
- Hospitality – The transaction involves a hotel, which is a key part of the hospitality industry.
- Private Equity – Henderson Park and Blackstone are both companies that operate in the private equity space.
Financials
- €235 million – The sale price of the Grand Hyatt Athens hotel.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Henderson Park | Selling Company | Company | International private equity real estate firm involved in the sale. |
| Hines | Selling Company | Company | Global real estate investor and developer involved in the renovation and sale. |
| Blackstone Real Estate | Bidding Company | Company | Part of Blackstone Group, acquiring the Grand Hyatt Athens. |
| Hotel Investment Partners (HIP) | Property Manager | Company | Subsidiary of Blackstone, managing the Grand Hyatt Athens post-acquisition. |
| JLL | Advisory | Company | JLL advised on the sale. |
| Eastdil Secured | Advisory | Company | Eastdil Secured advised on the sale. |