For the purposes of this concentration and based on the sectors of activity of the parties concerned, the relevant markets are as follows: the market for the provision of hotel accommodation services by five-star (5*) hotels, the market for the provision of hotel accommodation services by four-star (4*) hotels and the relevant market for both five- and four-star (4* and 5*) hotels. The geographic scope of the market concerned covers, in principle, the Greek territory, while a further examination of the geographic scope was carried out at island level for Corfu, Zakynthos, Crete as well as for Regional Units, Central Macedonia, Halkidiki and Central Athens.

Articles 5-10 of Law 3959/2011

Operative part of the Decision

The Hellenic Competition Commission, in Chamber sitting, unanimously approves, pursuant to Article 8(3) of Law 3959/2011, the notified concentration under ref. no. 6205/13.09.2024, concerning the acquisition of indirect sole control by the company under the name “Blackstone Inc.” over the company under the name “SYGROU 115 Hotel Single Member S.A.”, which is active in the tourism development and exploitation of “Grand Hyatt Athens” hotel as, although falling within the scope of Article 6 (1) of the Greek Competition Act, it does not raise serious concerns as to its compatibility with competition rules in the individual markets concerned.

1. “Blackstone Inc.”
2. “SYGROU 115 Hotel Single Member S.A.”

According to the grounds of the Decision, based on the activity of the parties concerned at a local, island or regional unit geographical dimension, in the context of any consideration of the relevant market, namely the market for the provision of hotel accommodation services by five-star (5*) hotels, the market for the provision of hotel accommodation services by four-star (4*) hotels and the relevant market for both five- and four-star (4* and 5*) hotels, in the concentration assessed, there are no horizontal overlapping activities while, at the level of Greek territory activities, the horizontal overlapping found results in de minimis combined market shares. Therefore, the proposed concentration does not raise serious concerns as to its compatibility with competition rules in the individual markets concerned.