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Blackstone's European RE unit to buy 5 Greek hotel businesses

Blackstone Group Inc. unit Blackstone Real Estate Partners Europe agreed to buy five hotel businesses in Greece from the Louis Group, formally known as Louis PLC, for a €178.6 million total enterprise value.

The hotel businesses totaling 1,464 rooms are on the islands of Corfu, Zante and Crete.

The Louis Group will continue to run the hotels under the management of hospitality company HIP, which is owned by funds managed by Blackstone. The acquisition expands HIP's southern European presence to include Greece.

Blackstone said it will invest meaningful capital to renovate and reposition the hotels through HIP.