Prodea: Target hotel portfolio of €2 bln with €340 mln investments in Greece and abroad

Prodea Investments is clearly placing the hotel sector at the core of its strategy, accelerating its transformation into one of the most dynamic institutional players on the European tourism real estate map. With the goal of creating a hotel portfolio worth €2 billion and a total investment plan of €340 million, the country’s largest REIC is redefining its priorities, placing emphasis on high-quality, branded and experiential tourism assets.

Prodea’s hotel strategy is based on three pillars: partnerships with strong international brands, presence in both mature and emerging destinations, and investments that enhance the premium profile of its properties. A characteristic example is the hotel project in Cortina, Italy, which will operate under Accor’s luxury brand Emblems and is expected to open in early 2027. This asset strengthens the international dimension of the portfolio, while a partnership with Nammos for the operation of two restaurants has already been secured, adding a strong experiential element.

In Greece, Prodea is proceeding with targeted upgrades and repositioning of existing hotels. Porto Paros is entering a phase of extensive refurbishment, with building permits expected in the immediate period ahead, while Nikki Beach is being converted into an Accor MGallery, further strengthening the strategic partnership with the French group. At the same time, in Milos, an agreement with an international brand is on the verge of being finalized, marking Prodea’s entry into a destination with strong momentum and growing international interest.

With projects already under way, Prodea will have approximately 1,270 hotel keys over the next three years, with a medium-term target of 2,000 keys, reflecting its ambition to achieve scale and critical mass. As the company’s chairman, Christoforos Papachristoforou, noted, the ultimate goal is for Prodea to evolve into a “mini Blackstone of Southern Europe,” with hotels serving as the main pillar for attracting foreign capital.

Why it is divesting from offices

This strong focus on tourism also explains Prodea’s decision to proceed with significant divestments from the office sector. Recent agreements totaling €1.2 billion with Yoda Group of Giannis Papalekas and Alpha Bank are not merely financial transactions, but part of a broader portfolio restructuring.

Prodea’s management assessed that, unlike hotels, the office sector shows limited prospects for further capital appreciation, while international investment interest is shifting toward thematic assets with a clear growth narrative. “Hotels are the only sector in which foreign capital is essentially interested,” Mr. Papachristoforou noted, explaining that the decision to sell was taken at a time when the market remains at high levels, but with increased uncertainty about the outlook.

Through these deals, Prodea secures capital gains of more than 10%, reduces its leverage — with the relevant ratio falling to 50% from 55% — and frees up capital that is being directed to hotels and logistics, the two best-performing sectors.

New organizational structure for the new strategy

The strategic shift is also accompanied by organizational changes. Prodea is moving forward with the creation of two separate subsidiaries, one for hotels and one for logistics, aiming for greater flexibility, a clearer investment profile and easier attraction of international investors. At the same time, investments in the data center sector are also under consideration, further strengthening its profile as a modern and diversified investment organization.

For Prodea, hotels are not just another asset class, but the central growth driver of the next phase — at a time when tourism remains the strongest internationally recognized advantage of the Greek economy.