Goldman Sachs Group Inc.’s search for steady revenue has led it to an unlikely place: the epicenter of a financial crisis that rocked Europe a decade ago.
The Wall Street giant is investing about €150 million to €200 million (about $163 million to $218 million) in three seaside resorts in a northern region of Greece, according to people familiar with the matter. The plan is to spruce up the hotels, which are currently closed, and open them to guests in the next couple of years, the people said. Goldman bought the hotels in October and has financing in place to renovate them. The bank is hunting for more properties—in Greece and elsewhere—and developing a brand that it could use to unite them, according to people familiar with its plans.
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