Blackstone Acquires Phaea Cretan Malia Park
Simpson Thacher advised Blackstone and its portfolio company Hotel Investment Partners (HIP), a leading owner of resort hotels in Southern Europe, on the acquisition of Phaea Cretan Malia Park, a five-star beachfront resort located on the northern coast of Crete.
The resort offers 204 rooms, direct access to a Blue Flag sandy beach, two outdoor swimming pools, a spa and several sport facilities. As part of its strategy, HIP plans to make significant investments to upgrade and reposition the property.
The Simpson Thacher team includes Wheatly MacNamara, Luca Sportelli, Manfredi Sclopis and Ernest M. Ip (Real Estate).