Israel Canada strengthens its presence in the Greek tourism sector by acquiring a chain Brown Hotelswhich is already active in the Greek market.
The transaction worth EUR 25.5 million was completed by a subsidiary Israel Canada Hotels spring 2025, with the brand retaining its original management and strategy, including its founder Leon Avigad.
Before the transaction, the holding owned three hotels in the country, but now increases its portfolio to eight properties in Greece and one in Cyprus. Purchased items include:
- Villa Brown Ermou – Athens
- Brown Acropol – Athens
- Brown Beach Chalkida – Chalkis
- Brown Beach Evia Island – Evia
- Isla Brown Corinthia – Curio Collection by Hilton
- Play Theater – Athens
- Play Psyri – Athens
- Play Paros – Paros
- Paphos Hills – Cyprus
In addition to already purchased objects, Israel Canada Hotels continues to analyze the Greek market, considering new opportunities in Crete, Rhodes, Evia and in Thessaloniki. The holding also declares its intention to expand existing projects. For example, Play Theater will increase the number of rooms from 100 to 50 current ones, will receive a rooftop pool, spa, gym and a premium restaurant, and a new opening is planned for autumn 2027. Hotel Villa Ermou will also undergo expansion – from 16 to 41 rooms.
At the same time, negotiations are underway to purchase a new facility on Eviabetween Chalkida and Eretria, which confirms the holding’s strategic interest in the Greek direction.
Who is behind Israel Canada
Israel Canada is one of the largest developers in Israel, whose capitalization on the Tel Aviv stock exchange exceeds 1.2 billion euros, which makes the holding one of the most influential players in the real estate market. Its activities cover luxury residential projects, commercial spaces and office centers.
The hotel sector occupies a special place: through Israel Canada Hotels The company owns 36 hotels in Israel and Europe, ranking among the fastest growing brands in the hospitality industry. The management is headed by an experienced top manager Reuven Elkespreviously headed Fattal And Brownmaking him one of the most knowledgeable experts on the Greek hotel market.
Foreign capital in the hotel sector: where benefits end and dependence begins
Greek tourism sector remains the country’s most profitable industry. But it is also the most vulnerable: fragmentation, high debts, a weak government support strategy and dependence on seasonality create an ideal environment for external players. When it comes large holding with easy access to capitalmanagement technologies and global networks, he receives advantages that local entrepreneurs remain aware of just dream.
Group Israel Canada operates precisely according to this model: quick purchases, immediate modernization, concentration of assets in key locations – Athens, Peloponnese, Evia, Rhodes. This creates a new landscape where local businesses are gradually being squeezed out more powerful foreign structures.
How the market will change
In the short term, capital comes into the country, jobs appear, and quality standards improve. However, in the long term, dependence on external decision-making centers is growing. If key hotel assets end up in the hands of one or more foreign holdings, Greece risks losing influence over pricing, tourist flows and infrastructure priorities.
In other words, the country risks being “the landlord of its own tourism industry”. Formally, the hotels will be located on Greek soil, but real decisions will be made outside of it.
Risks for the economy
When a significant portion of profits is transferred abroad, the government loses tax revenue and domestic competition decreases. Even more dangerous is the possible monopolization of certain areas. If a large foreign holding company gains a foothold in Crete, Evia or in Athenshe will be able to dictate terms to the local market.
This is not a disaster, but a strategic challenge that Greece will have to overcome if it does not want to repeat the situation when entire industries gradually came under the control of external structures.
Illustration of the general trend
Buying up hotels is not a one-off process, but part of a wider trend: Greece is becoming a territory where assets are easier to buy than to create. While local businesses are struggling with bureaucracy, foreign capital thanks to the patronage of their governments, fills the voids. And he does it consistently.
Thus, the gain Israel Canada – not an accident, but a symptom of the fact that The Greek real estate and tourism market is entering a new periodwhere the main resource is not land, but control over it.
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