Minor Hotels plans entry into Greek market with new properties
International group Minor Hotels is in advanced stages of evaluating investment opportunities in Athens and Greek tourist destinations.
Hospitality group Minor Hotels, present in 66 countries, is evaluating specific opportunities to enter the Greek market, both in Athens and in top tourist destinations. Interest is focused on luxury resorts, premium city hotels, mixed-use developments and branded residences.
Gonzalo Aguilar, CEO of Minor Hotels for Europe and the Americas, said that "Greece is a highly strategic market for us, as it combines the characteristics of an established European destination with the dynamics of a global luxury hospitality and resort market." He added that development plans for Greece are "at a particularly advanced stage, with several investment opportunities being assessed in both city hotels and resorts."
The company currently manages around 640 hotels, resorts and projects under development worldwide across 12 brands, while in Europe it operates about 280 properties, roughly 170 of which are in Southern Europe. The preferred development model remains mainly management agreements, though the group said it is also open to selective leases in Athens if a property's quality and location justify it.
Aguilar also noted that about 20% of the group's new developments include a residential component, while priorities for Greece include attracting travelers from the US, the Middle East, India and China to help reduce seasonality.