Blackstone’s & Apple Leisure Group’s Hotel Investment Partners – HIP Open Dreams Corfu After €30m Renovation
Main Photo: The new Dreams Corfu, previously the Corcyra Beach Hotel
Date: September 2022
Name: Dreams Corfu Resort & Spa
Location: Gouvia, Corfu, Greece
Number of Keys: 235 now with plans to extend to 337 by 2023
Seller: The hotel was one of five sold to Blackstone in September 2019
Buyer: Blackstone and Apple Leisure Group, acquired by Hyatt in 2021, under their HIP banner
Hotel Investment Partners (HIP), which owns resort properties totaling some 21,479 rooms in Spain, Italy, Greece and Portugal, has announced the opening of Dreams Corfu Resort & Spa after a €30 million renovation of the former Corcyra Beach, in Gouvia, Corfu.
HIP is owned by funds managed by Blackstone and Apple Leisure Group, which Hyatt acquired in 2021. The hotel will be managed under AMR Collection’s Dreams Resorts & Spas brand offering “Unlimited-Luxury.” The renovation includes the all public areas and guestrooms.
By 2023, the resort will have 337 rooms after opening with 235 rooms. Dreams Corfu is the first Dreams branded property to open in Greece. The beachfront property is located in the town of Gouvia, a 10-minute drive from Corfu.
The CapEx spend on the property was financed by Alpha Bank, the second-largest bank in Greece by total assets.
Price: Land cost plus €30m…The five Louis hotels were sold for €178.6m – so say €40m?
Price Per Key: €210k if ammortised over the full 337 rooms, or €300k at the opening number of 235 keys
THPT Comment: HIP have a great portfolio, and this new addition to AMR’s Dreams brand only goes to endorse that
First Seen: Hospitality Insights
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