Greek Hotel Investments Set to Go Full Steam Ahead

Eight billion euros worth of hotel investments will be materializing in the coming years on the back of soaring tourism arrivals, aiming to establish Greece as an international luxury destination.

Agios Nikolaos on Crete.

Indicatively, in 2016, 3.2 billion euros in capital and investments plans budgeted at 4 billion euros were submitted for approval including drafts for hotel upgrades, new accommodation units, tourist complexes complete with hotels, marinas, golf courses and tourist residences.

Some of the most ambitious projects which have received the go-ahead or are currently under fast-track approval include:

“Elounda Hills” by the Mirum Hellas consortium with a foreign direct investment of 408 million euros planned for Agios Nikolaos on Crete and set to begin in the first quarter of 2018. The project involves the creation of a high-end resort in the town of Agios Nikolaos to include hotel complexes, conference center, marina, spa, sports facilities, restaurants, shops and holiday homes.

Skorpios private island. Photo © airphoto.gr / Shutterstock

Scheduled to begin works in October next year and to be completed in 2020, the islet of Skorpios in the Ionian near Lefkada will welcome dozens of luxury villas, a spa, fitness center and restaurants as well as a fiber optics network budgeted at 181.4 million euros.

The project includes a VIP tourism unit budgeted at 120 million euros and a Next Generation Access (NGA) fiber optic network at 61.4 million euros.

Travel and leisure giant Minoan Group’s luxury five-star holiday resort project, “Itanos Gaia”, valued at some 267 million euros will be erected at the Cavo Sidero peninsula in northeastern Crete, in the prefecture of Lasithi aiming to become a landmark of sustainable tourism.

The Atalanti Hills project.

Another ambitious project budgeted at 1.5 billion euros, Atalanti Hills by Lokros Real Estate is be erected in the Exarchos area of the Central Greece region of Fthiotida. The plans are expecting Council of State for approval.

Set to create over 5,500 full-time jobs, Atalanti Hills will include an arts and culture village, shopping centers, restaurants, sports facilities (basketball, volleyball, tennis, football), conference centers, a hydro-therapy and beauty center, as well as an adventure space for children.