Miami-based global alternative investment firm H.I.G. Realty has set its sights on the Mediterranean hotel market with a new hotel platform named Ella.
Following a phased development and refurbishment plan, Ella’s luxury, lifestyle and “eco-chic” portfolio will comprise 13 hotels with a total of 4,500 rooms, located in five of Greece’s key tourist destinations.
Ella Hotels & Resorts then plans to expand further into additional, established Mediterranean holiday destinations, focusing on opportunities in Spain, Portugal and Italy, with a target of 10,000 total rooms in its portfolio.
According to H.I.G., the Ella brand’s current portfolio will command a value of more than €1bn.
Room for growth in luxury sector
GlobalData’s analysis of the hotel market in Greece highlights room for growth in the luxury hotel sector, compared to the nation’s more overcrowded verticals of budget and midscale lodgings.
The top five source markets for Greece are Germany, the UK, Bulgaria, France and Italy.
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H.I.G. Realty managing director Riccardo Dallolio commented: “We believe the Mediterranean hotel market is one of the most attractive real estate sectors with the strongest fundamentals and secular trends.
“In addition to the strong recovery in global travel, the recent upgrade of Greece’s main peripheral airports has allowed for an even stronger recovery in their resorts market.”
Since its founding in 1993, H.I.G. has invested in and managed more than 400 companies worldwide. Its current portfolio includes more than 100 companies with combined sales above $53bn.