Within a short period following the addition of the five hotels previously managed by Brown Hotels to its portfolio, Israel Canada Hotels—the hospitality arm of the prominent Israeli real estate group Israel Canada—has set a strategic objective of creating a network of 3,000 rooms in Greece by 2030. By 2027, with the addition of four new properties, the company is expected to operate approximately 1,500 rooms in the country. “We aim to evolve into a company of international standing. We see significant growth potential in Greece—particularly in Athens—as well as in Cyprus,” noted the company’s CEO, Reuven Elkes, during a meeting with journalists in Athens.
The hotels incorporated into the Israel Canada Hotels portfolio following the acquisition are Villa Brown Ermou and Brown Acropol in central Athens, Brown Beach Chalkida in Chalkida, Brown Beach Evia Island on Evia, and Isla Brown Corinthia – Curio Collection by Hilton in Agioi Theodoroi. Of these, the company has leased the last two from Aroundtown, thereby strengthening its presence in key tourism destinations.
In addition, by the end of the year the Isla Brown Chania Resort, Curio Collection by Hilton, will also be added to the portfolio. The property will operate under a different hotel operator while maintaining a strategic connection with the group.
Israel Canada Hotels also owns three properties under the Play brand: Play Theatrou and Play Psyri in the historic center of Athens, and Play Paros in the popular Cycladic market. With these units, the group now has a total of eight hotels in Greece.
New Investments and Projects Underway
The company’s investment pipeline for the Greek market includes a new property on Syngrou Avenue, expected to open in 2027, as well as a new resort between Chalkida and Eretria. Meanwhile, the development of a five-star boutique hotel with 40 rooms on Lykourgou Street in central Athens is progressing, with completion expected in early 2027.
The upgrade of another building opposite Play Theatrou is also at an advanced stage, aiming to add 50 rooms to the hotel’s existing 50. The project is expected to begin operations in September 2026. Two additional buildings adjacent to Play Theatrou are earmarked for future development, further strengthening the company’s footprint in one of the capital’s fastest-growing tourism clusters.
Israel Canada Hotels is also targeting Thessaloniki, Crete, Rhodes, and Corfu for further portfolio expansion—markets characterized by strong and steady demand and improving tourism infrastructure. The company reports a 7%–10% increase in demand in Athens this year, while demand on the islands remains stable at last year’s levels. For 2026, growth of 5%–7% is projected based on current booking data. Greek visitors account for approximately 25%–30% of total guests at the company’s properties, Israelis for 20%–25%, with the remainder coming from Europe and the United States.
Listed on the Tel Aviv Stock Exchange Since November
Since November, shares of Israel Canada Hotels have been traded on the Tel Aviv Stock Exchange, with the company’s market capitalization reaching €272 million. “We have a strong capital base and we can expand rapidly but sustainably, provided we identify the right hotels that align with our plan,” stated Reuven Elkes. The company holds more than €130 million in equity, while its shareholder structure includes parent company Israel Canada with 52%, a major Israeli insurance firm with 16%, and the CEO himself with 10%.
Leon Avigad, co-founder of Brown Hotels, remains a key figure in preserving the identity of the brand, actively participating in Israel Canada Hotels. According to company executives, his involvement ensures “the consistency, quality and experience that characterize Brown Hotels.” As part of the integration, the group’s three owned hotels will be renamed Play Theatrou by Brown, Play Psyri by Brown, and Play Paros by Brown.
Founded in 2019, Israel Canada Hotels has evolved into the third-largest hotel company in Israel, with 36 hotels across Israel and Europe. In addition to the four projects in Greece, its European pipeline includes six new hotels in Israel, two in Milan, and two in Germany.
Brown Hotels Collection, founded in 2010 by Leon Avigad and Nitzan Perry, was significantly affected—along with all hotels in Israel—by the sharp decline in inbound and domestic tourism brought about by the conflict in Gaza. Despite government efforts to support the sector by allocating part of the accommodation needs of approximately 100,000 displaced people and refugees from conflict zones to hotels, revenues saw a steep decline.
The company’s portfolio includes ten hotels, four of them in Athens, located in central districts, and six resorts in Chania, Agioi Theodoroi, Eretria, Chalkida, Loutraki, and Corfu. After five years of operations in Greece and expansion across multiple regions of the country, the group had succeeded in building a network of approximately 4,000 rooms and 2,000 employees.
