H.I.G. Capital (“H.I.G.”), a leading global alternative investment firm with $60 billion of capital under management, has announced that several of its affiliates have combined their hotel assets to create Ella Hotels & Resorts (“Ella”).
Ella is a luxury, lifestyle and hotel group operating a collection of sustainable “eco-chic” resorts across Southern Europe. Following a phased development and refurbishment plan, Ella’s portfolio will be comprised of 13 hotels with a total of 4,500 rooms, located in five of Greece’s key tourist destinations. It is projected that Ella’s current portfolio will command a value well in excess of €1 billion.
Ella plans to expand further into additional, established Mediterranean holiday destinations, focusing on opportunities in Spain, Portugal, and Italy, with a target of reaching 10,000 total rooms in its portfolio.
Riccardo Dallolio, Head of H.I.G. Realty in Europe,commented: “We believe the Mediterranean resorts market is one of the most attractive real estate sectors with the strongest fundamentals and secular trends. In addition to the strong recovery in global travel, the recent upgrade of Greece’s main peripheral airports allowed for an even stronger recovery in their resorts market. We believe that Ella has the potential of becoming a leader in the Mediterranean resort sector, and we are working on a number of transactions to further grow the platform.”
Stelios Theodosiou, Managing Director at H.I.G. Realty in Europe, added: “The Ella team is uniquely positioned to capture the key emerging trends in the hospitality industry, such as the customization and personalization of the guest experience, digitalization of the operating model, prioritization of health and wellness, as well as the growing importance of sustainability. We are excited about the Ella brand and will continue to invest in the hotel portfolio and the business as we continue to expand the platform.”
