Real estate investment company Pangaea, majority owned by Britain's Invel, will operate its hotel in the city of Patras under the Moxy hotel brand owned by the Marriot International, the company said Wednesday.
Pangaea purchased the hotel in Patras, a city of some 300,000 people, in 2016, expanding into the hospitality business, a sector it sees as having significant growth prospects given the current boom in Greek tourism.
“We are thrilled to be the first real estate investor in Greece to own a Moxy branded hotel," said Pangaea Chief executive Aristotelis Karytinos in a statement.
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The tenant of the property will be responsible for the property’s redevelopment and operation as a city hotel, Pangaea added.
Moxy Hotels is Marriott International’s new millennial-focused brand that debuted in September 2014 with the opening of the Moxy Milan.