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New luxury hotels coming to Greece’s hospitality market

Greece’s field of luxury hotels will see several new openings following transactions and developments that took place in 2020.

Cretan Investments Group (CIG) Hellas obtained its first hotel, Iti AKS Minoa Palace. Located in Heraklion on Crete, the hotel will be renovated in two phases and is planned to re-open in April 2021 as the Sentido Unique Blue Resort.

Also, in November 2020, Lamda Development and TEMES S.A. announced a strategic agreement for the joint development of two state of the art, luxury hotels and residential complexes on the coastal front of Hellinikon during the first five-year phase of the investment project. This strategic agreement conceives the development of a 5-star hotel at the Agios Kosmas marina, as well as a second beachfront 5-star luxury hotel along the coastal front. Both hotels will be accompanied by branded residences.

In addition to these two luxury hotels, Mohegan – GEK Terna will start construction of the Integrated Resort & Casino on the Hellinikon site. Once that process has been finalised, the project should be completed in 3 years. Furthermore, a 4-star hotel is planned to open near Vouliagmenis Avenue next to the future Hellinikon business centre with 500 rooms.

Moreover, the Sarantis family, who founded and manages the dairy industry TYRAS (HELLENIC DAIRIES SA), acquired the 5-star Ananti City Resort, located on the hill of Longaki, near the center of the city ofTrikala. Ananti Resort has 18 rooms and suites, a rooftop bar/restaurant, spa & wellness centre, indoor heated and outdoor pool, but also underground parking.

Lastly, Everty, the real estate of investment group YNV announced in December 2020 that it is planning to invest 100 million euros in the Greek property market by acquiring assets in the office market, hospitality and residential sectors with a focus on luxury holiday villas.

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