Bain Capital has completed the sale of Cora Resort and Spa, a luxury resort in Afytos, Chalkidiki, Greece, to Fattal Hotel Group. Bain exits from the 181-room property following a multi-year investment and repositioning process.
The investment was managed by Bain Capital’s Special Situations team in Europe. The firm oversaw the asset from origination through development, operations and exit. During its ownership period, Bain Capital implemented a refurbishment and repositioning strategy supported by a €24 million investment programme.
As part of this process, the property was transformed into a five-star destination resort with multiple restaurants and bars and a dedicated wellness centre. The hotel reopened in July 2023. Bain Capital also implemented active operational oversight, including a management transition in 2024 that contributed to improved overall performance.
“Together with our local Partners, we took a very hands-on approach at Cora, executing a major refurbishment and repositioning programme and then actively managing the operations to drive performance. The result is a high-quality, five-star resort in one of Greece’s most attractive leisure markets. This sale reflects sustained investor appetite for well-located, well-invested hospitality assets in Greece, and we are pleased to be handing the property to an owner with deep sector experience,” said Rob Mangan, operating partner at Bain Capital.
Following the acquisition, the resort will be rebranded as Meravia Hotel by Leonardo Limited Edition, which operates under the Fattal Hotel Group portfolio. The acquisition aligns with Fattal’s expansion strategy in Greece and the wider Mediterranean region.
“Greece and the wider Mediterranean basin have shown exceptional performance in recent years, and expanding our footprint in this market remains a strategic priority. This asset, which will be rebranded as Meravia Hotel by Leonardo Limited Edition, represents a unique opportunity to introduce a high-end product in one of the most exciting hospitality markets today. Over the past three years, we have acquired more than 50 hotels across Europe and raised approximately €1 billion through our European Partnerships to support our expansion strategy. We would like to thank Bain Capital for their partnership throughout this acquisition process as we continue to pursue new opportunities in Southern and Western Europe,” said Guy Vardi and Yaniv Amzaleg, M&A managing directors at Fattal Hotels.
Bain Capital maintains an active presence in the hospitality sector at both the corporate and asset level. In Europe, the firm’s track record includes 8,200 keys across 54 properties in seven countries.