The Reuben Brothers have Acquired La Residence hotel in Mykonos, Greece
Main Photo: One of five pools at La Residence!
Date: January 2020
Location: Kalafatis Bay, Mykonos, Cyclades Islands, Greece
Name: La Residence – 5 Star
No. of Keys: 30
Seller: Ioannis Kazakos opened the hotel in 1995, and besides being the hotel owner is also the CEO of Hellas Beach Tours
Buyer: The deal came days after the brothers formed a joint venture with the Pacha Group and bought the Hotel Pacha Ibiza, in a sale-and-leaseback transaction.
The Reuben Brothers said that the purchase of the 30-room luxury boutique hotel in Greece was part of their continued strategy of investing in premium hotel assets in key European destinations.
The hotel will undergo extensive refurbishment at the end of the summer season 2020, which interesting as it is already highly rated locally.
Jamie Reuben, a principal at Reuben Brothers, said: “Following hot on the heels of our recent hotel site acquisition in Rome in October, we are delighted to add to our growing global hotel portfolio with the acquisition of La Residence. Mykonos’ popularity has grown exponentially in recent years and the island is now firmly established as a highly desirable visitor destination for travellers from all over the world, looking to experience the spectacular beauty of the Greek islands.
“La Residence is ideally positioned to provide guests with an exceptional experience during their visit to Mykonos, and we plan to build on its already excellent reputation with further enhancements to its facilities and operations, positioning it amongst the very best hotels in Mykonos.”
Earlier this month the group acquired the 57-suite 45,000 sq ft Pacha hotel located in the heart of Ibiza in front of the marina, close to Talamanca Bay.
The transaction represented the Reuben Brothers’ third investment in Ibiza and added to the 7.3km of coastline they already owned in Cala Conta, Cala Bassa, & Es Calo on Ibiza’s south west coast.
It has been reported that the brothers were planning to expand the brand around the world with a portfolio of hotels. The group confirmed that the Mykonos property would not be branded under the Pacha flag.
THPT Comment: This acquisition adds to the Reubens’ existing hotel investments across the UK and Europe including London, Rome, Venice, and Verbier. Exciting times ahead we think. Like most, if not all, of the hotels in Mykonos, La Residence opens just for the summer – Mid April to mid October…wonder if the Reuben brothers will keep it open all-year?
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