Athens-listed Prodea Investments is expanding its real estate portfolio in the hospitality sector, following the recent acquisition of a hotel unit in Italy.
The Greek company has made a €49 million investment in the winter destination of Cortina in Italy, in collaboration with its parent company Invel (via Eudora Fund LP).
Prodea’s stake was 75% and Invel’s 25% in this investment.
The two companies have acquired the Hotel Bellevue Cortina d’Ampezzo, which they plan to completely renovate in preparation for the 2026 Winter Olympics.
It is a six-story building, which currently functions partly as a hotel and partly as private residences.
After the radical renovation of the property, which is expected to cost an additional 25 million euros, a five-star luxury hotel with a capacity of up to 100 rooms will be created, with the aim of being operational before the start of the Olympic Games. . .
Market sources point out that Prodea-Invel is considering another major operation, namely the acquisition of a luxury hotel unit on the Greek island of Milos.
Contacts for this purpose are considered advanced and may be completed soon.