Prodea invests in Italian accommodation market
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 made an investment of 49 million euros in the winter destination of Cortina in Italy, in collaboration with its parent company Invel (through Eudora Fund LP).
Prodea’s participation was 75% and Invel’s 25% in this investment.
The two companies have acquired 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 operates 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, 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 the Prodea-Invel venture is planning another important move, namely the acquisition of a luxury hotel unit on the Greek island of Milos.
Contacts to that end are considered advanced and it is possible they will soon be completed.
