US investment fund Brookfield Asset Management, with more than $1 trillion under management, is investing in the Greek hotel industry by forming a strategic partnership with local group Domes Resorts, owned by Giorgos P. Spanos. The group will seek to acquire hotels in Greece, not ruling out any moves abroad.
A joint venture has already been established, through which Brookfield will acquire a majority stake in the Domes Zeen Chania hotel. Wall Street-listed Brookfield and Domes will proceed with the expansion of the resort, with an investment that will exceed 40 million euros. Domes Zeen Chania is a 105-key seaside resort in Hania, and a member of Marriott’s Luxury Collection brand.
Brad Hyler, Brookfield’s managing partner and co-president, said the investment in Domes Zeen Chania and the collaboration with Domes “marks our entry into the Greek hospitality market and we look forward to working with the Domes team, while exploring additional investment opportunities in the future.”
This comes just weeks after Domes acquired Lindian Village – Curio Collection by Hilton from British investment fund Zetland Capital Partners. The hotel, located on Rhodes, has 188 rooms and suites, bringing Domes Resorts’ total market share in hotels managed by an international chain to more than 4%, according to data from tourism consultancy GBR Consulting.
Domes began to gain critical importance in the Greek hospitality market when Hotel Investment Partners, a Spanish hotel ownership company owned by US investment giant Blackstone, entrusted it with the management of units it had acquired in 2019 on Corfu, Zakynthos and elsewhere from the Cypriot Loizou Group.
Through agreements with hotel owners and some acquisitions, it continued to grow, and recently took over the management of 91 Athens Riviera, a hospitality unit with a private club owned by Grivalia Hospitality on the coast of Voula on the Athenian Riviera.
In total, it manages 17 units in destinations such as Corfu, Hania, Elounda, Santorini, Zakynthos, Halkidiki, Attica and Portugal. With the addition of Rhodes, it has increased the number of units to 18.