The Reuben Brothers, the British billionaire philanthropists, have acquired La Residence hotel in Kalafatis Bay, Mykonos in Greece, a 30-room luxury boutique hotel as part of their continued strategy of investing in premium hotel assets in key European destinations. The costs of the deal has so far not been disclosed.

Under Reuben ownership, the hotel will undergo extensive refurbishment at the end of the summer season 2020, in order to maximise its potential as the preferred choice for discerning hotel guests visiting Mykonos. Jamie Reuben, a principal at Reuben Brothers said: “Following hot on the heels of our recent hotel site acquisition in Rome in October, we now add to our growing global hotel portfolio with this new acquisition.”

Mykonos’ popularity has grown exponentially in recent years and the island is now firmly established as a highly desirable visitor destination for travellers from all over the world, looking to experience the spectacular beauty of the Greek islands. The hotel is ideally positioned to provide guests with an exceptional experience during their visit to Mykonos.

The choice of Mykonos is not accidental, as last year the island recorded the highest rise in passenger traffic from the 14 regional airports operated by Fraport, reaching + 8.9% with 1.52 million passengers.

In addition, it ranks first, along with Santorini, in terms of hotel visitor satisfaction for 2019 in the so-called Mediterranean “premium” destinations with competing destinations in Sardinia, St. Tropez and Ibiza.