Greek island hotel heads for transformation

Image © Invel Real Estate
A five-star luxury hotel on the Greek island of Milos is to be overhauled after gaining new owners.

Invel Real Estate and Prodea Investments acquired White Coast Pool Suites, which is currently operated under the Small Luxury Hotels of the World brand.

Expansion plan

The hotel, located near Sarakiniko beach, has a total of 30 suites, each offering a private pool and uninterrupted sea views.

Invel and Prodea will invest meaningful capital to expand the site and transform it into one of the leading private-pool hotels in the Aegean whilst preserving the local Cycladic landscape.

Upon project completion, the property will be overseen by luxury hotel operator, Domes Resorts, and will be called Domes White Coast Milos.

Funding pathway

The acquisition deal sees Prodea Investments (49%) and Invel Real Estate (51%) making the purchase through its Invel Eudora Fund 1LP (Eudora 1) discretionary fund.

Eudora 1 was launched in June 2021 and, following the acquisitions of White Coast Pool Suites and Hotel Bellevue in Cortina d’Ampezzo in 2022, is now fully invested. Invel is now embarking on the launch of Invel Eudora Fund 2 S.C.S, SICAV-RAIF, a closed-end fund targeting real estate investments with an opportunistic strategy.

Realising potential

Alexis Pipilis, Invel’s head of acquisitions in the Hellenic region, said: “This acquisition is a testament to our expertise in identifying and acquiring luxury hospitality assets in outstanding locations in Southern Europe.

“It follows our acquisition of the Bellevue in Cortina d’Ampezzo and demonstrates our ability to source unique opportunities within these markets. We look forward to progressing our plans to realise the full potential of this resort on the truly majestic island of Milos, which was voted the best island in the world in 2021.”