The transaction, characterised as a top event by hotel market experts, covers the five-star Apollonia Beach Resort & Spa and the four-star Santa Marina Beach Resort in Ammoudara, Heraklion and the five-star Sitia Beach City Resort & Spa in Sitia.
Sources close to the transaction said Hines Group intends to invest another 30 million euros in the renovation and modernisation of these three hotels.
According to RED Magazine sources familiar with the deal, Hines is in talks with hotel chains for the re-branding of the three properties.
The hotels will be fully operational in their status as of today throughout 2020. Refurbishment and renovation works on the three hotels are expected to start by the end of the 2020 season.
