PM: New Tourism Investments to Position Greece in Ultra-luxury Market

Prime Minister Kyriakos Mitsotakis. Photo source: Grivalia Hospitality/ One & Only Aesthesis Glyfada.

Million-euro investments in luxury hospitality and high-end products are positioning Greece as a leading player in the ultra-luxury tourism market, said Prime Minister Kyriakos Mitsotakis during the inaugural event of the One&Only Aesthesis resort in Glyfada this week.

Referring to the new investment, Mitsotakis said it had not only created hundreds of “good paying jobs” but would also “change the way people and visitors perceive the ultra-luxury market in Greece”.

The prime minister said that tapping into the Attica’s vast coastline, taking the tourism product “upmarket” and focusing on sustainability were top government priorities.

Mitsotakis went on to add that “extending the tourism season was critical”, ensuring that resorts can remain open for the entire year and offer unique experiences to all of those who wish to visit Greece beyond the traditional summer months.

Lastly, Mitsotakis said that the government had created an effective business-friendly environment that was attracting investors to Greece. Indicative of the progress made, he said, was last week’s decision by S&P Global to upgrade Greece to investment grade, the first large rating agency to do so since the debt crisis in 2010.

S&P Global raised its rating to ‘BBB-/A-3’ with a stable outlook. The rating agency comes after Fitch, R&I, DBRS Morningstar and Moody’s upgraded the Greek economy demonstrating a growing confidence.

Despite the challenges, said Mitsotakis, “we have every reason to be optimistic about Greece, and when it comes to tourism, the tourist product, we should be very ambitious”.

“We need to make Greece the best destination in the world. We can do that. We need to partner with the best to be able to do that and I think we have made significant steps towards achieving that goal,” he said.

A Grivalia Hospitality – Kerzner International investment, the One&Only Aesthesis resort is budgeted at 300 million euros and will be opening its doors to the public in November.