Hines Investments takes over luxury resorts in Crete
A few hours ago it was announced that the Houston-based company Hines real estate investments won a bid to acquire the assets of the Out of The Blue Capsis Elite Resort in Agia Pelagia, on the island of Crete in Greece.
According to reports, the international investment firm acquired the 5-star luxury resort for 125.2 million euros. Hines Interests Limited Partnership, one of the world’s largest investment and property management firms, outbid Prodea and Bank of Piraeus by a wide margin.
Capsis Blue is one of The most emblematic seaside resorts in Greece, which stands on the ruins of the ancient city of Apollonia on an idyllic bay west of the capital of Crete in Heraklion. The special one 1,155 resort beds are located on a peninsula overlooking Agia Pelagia the bay and the Cretan Sea.
The magnificent property of 500 private suites and villas belonged to the company Tourist Complex Kapsi SA and Ms. Konstantina (Dias) Kapsi. Capsis had been in debt litigation for several years. the Coronavirus pandemic caused the sequestration of this property and many others. Capsis was placed under special management in june 2020.
Agia Pelagia is a picturesque former fishing village situated on a perfect bay at The north shore of the island of Crete. A popular destination for locals and tourists alike, the town boasts dozens of traditional fish tavernas, luxurious bars and perfect aquamarine waters protected by the bay. The Blue Capsis Resort sits on a high peninsula overlooking the bay and village and has hosted Saudi princes, movie stars, Russian oligarchs, and a laundry list of the rich over the years.
This acquisition follows the news Henderson Park and Hines taking over a portfolio of other hotels in Crete last month. This deal included several of the island’s most successful hotels, the Hermes, and coral near Agios Nikolaos, Santa Marina and Apollonia Beach in Amoudara in Heraklion, and Sitia Beach (Instagram above) in the eastern resort town of Sitia. This agreement, worth 61 million euros, transferred the ownership of 3 of the hotels of the Kefalogianni family.
The Hines investment firm, founded in Houston in 1957 by Gerald D. Hines, oversees a global portfolio valued at around $ 160.9 billion. The company run by the founder’s son Jeffrey C. Hines, currently has 181 developments underway around the world. Historically, it has developed, rearranged or acquired 1,450 properties, totaling over 485 million square feet.