Harvard Investment Group (HIG) has announced a strategic investment partnership with Aldemar Group.
HIG has agreed to invest in 2 Aldemar Hotels in Rhodes: the 4* Paradise Village (615 rooms) and the 5* Amilia Mare (200 rooms). The two hotels have over 2,300 beds and are located on one of the finest beaches in Rhodes.
The investment includes HIG’s assumption of a € 25 million loan from Eurobank, as well as provision of € 5 million for renovations.
The Aldemar Hotel Group comprises Greece’s third largest group, after Mitsis Hotels and the Grecotel Group. The group counts 5,500 beds, 1,400 staff and 8 properties, including 2 thalassotherapy centres, located in Rhodes, Crete and the Peloponnese.
This is Harvard Investment Group’s second major investment in Greece, following its purchase of the Maillis packaging group in 2014-2015.
According to the company: “H.I.G. is a leading global private equity and alternative assets investment firm with more than €13 billion of equity capital under management.* Based in Miami, and with offices in Atlanta, Boston, Chicago, Dallas, New York and San Francisco in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris and Rio de Janeiro, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies … Since its founding in 1993, H.I.G. has invested in and managed more than 200 companies worldwide. The firm's current portfolio includes more than 80 companies with combined sales in excess of €22 billion.”
Tourism arrivals in Greece continue to rise in 2018, and several Greek cities are topping European occupancy tables, according to STR.
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