Henderson Park, the London-based real estate investment manager, and Hines, the Houston-based real estate firm, have formed a joint venture to acquire an Athens hotel for €33 million.
The partnership bought the former Ledra Marriott hotel, comprised of 315 rooms across eight floors, is located in Syngrou Avenue, in the center of the city. The asset also has a roof terrace and a pool with panoramic views of the city as well as the Acropolis.
The hotel was acquired at a judicial auction in the Greek capital and represents the first entry into the Greek market for both Henderson Park and Hines. The deal also underlines Henderson Park’s commitment to the hotel sector, following its €365 million purchase of Le Méridien Etoile, the largest hotel in Paris, at the end of last year.
Nick Weber, founding partner of Henderson Park, said his firm was looking to make further acquisitions in Greece in the future.
“The Ledra hotel has a strong history of being among the top five star hotels in Athens, one of Europe’s top tourist destinations, and presents a significant repositioning opportunity,” added Weber. “The transaction also marks our entry into Greece, a market where we hope to make further acquisitions, and is our first deal with Hines, a globally renowned real estate investor.”
Lars Huber, chief executive officer of Hines Europe, said the firm had been exploring investment opportunities in Greece since it appointed Paul Gomopoulos as its Athens-based country head in 2014.
“We are very pleased to be making our entry into this market with the Ledra Hotel in our first transaction alongside our partner Henderson Park,” added Huber. “We believe the asset represents an outstanding investment and repositioning opportunity, and look forward to embarking on a major renovation of the hotel, with a view to re-opening under a new brand next year.”
Former Mount Kellett executive Weber launched Henderson Park in September last year after receiving $500 million of backing from Greenwich, Connecticut-based private equity firm Stone Point Capital, sovereign wealth fund Kuwait Investment Authority, and New York and Kuwait-based investment manager, Wafra Investment Advisory Group.
Since then Henderson Park has made several senior executive hires as well as its first property acquisitions, which include teaming up with Greystar to enter the UK private rented sector to buy a 172-unit portfolio in London for around £140 million ($172.5 million; €162.7 million).