Greece: where new luxury tourism sites will open

Over the next four years, more than 60 hotel projects will be implemented in Greece. Four of the 10 will operate under the umbrella of international brands, according to the guide “Greek Market Report/Hotel Investment 2024-2027” by Travelworks Public Relations.

The new investments confirm the solid potential of the Greek tourism product. Many hotels will open in Athens in the next two years. Among them is the luxurious 91 Athens Riviera campsite managed by Domes Resorts. A boutique hotel (boutique hotel Ζαλοκώστα) with 19 suites will open in the center of Athens in September 2024. Grecotel will add another Roc Club hotel to its portfolio. It will open in May 2024 near Lake Vouliagmeni.

Brown will open two hotels: Brown Museum (with 93 rooms) on Boubulinas Street and Domino Brown on Themistocleous Street (with 46 rooms). And in 2025, another one will open, Villa Brown Sans Rival, at the intersection of Lyozion and Con streets. Paleologou, with 46 rooms.

In 2025, two Hilton brands will appear. Conrad Hotels & Resorts and Conrad Residences on the former Hilton Athens site with 280 rooms and suites, and Waldorf Astoria Residences with 50 apartments on the same site, in partnership with TEMES SA and Olayan Group, an investment of €1,340 million.

The Radisson RED Group plans to open the Mitropoleos Square Athens Radisson RED Hotel (125 rooms) on Mitropoleos Street, near Syntagma, at the end of 2025. Also opening in 2025 is another Radisson hotel, the 172-room Radisson Theatrou Square, the second joint venture between Radisson and Gnosis Investments.

Costa Navarino

It is expected that a second Mandarin Oriental restaurant will open in Greece in 2027, following the one that opened last year in Costa Navarino. “Elliniko” will house a hotel of cooperation between TEMES and Lamda Development. It will have 123 rooms.

Also, with the cooperation of the two companies, another hotel with 200 rooms and 49 residences will be opened. The total investment of the two hotels exceeds 300 million euros.

The Hard Rock Hotel & Casino Athens, created in collaboration with the Greek companies Hard Rock International and GEK TERNA, will also open its doors in 2027. Investment of 1.5 billion euros for a hotel with 1000 rooms.

Other hotels planned for Athens are Mitsis Hotels Group’s fifth hotel in the historic Schliemann building (Panepistimiou Street) with an investment of 36 million euros and the Douzoglou Group’s new Pendelikon Hotel, which will be the first Curio Collection by Hilton on mainland Greece.

The ibis Athens Museum hotel will be the second Ibis hotel in Athens and the third in Greece. The Accor Hotel is a €33.4 million investment by Boissee Finances. It will have 327 rooms.

Israeli “offensive”
In the summer of 2024, another hotel representing Israeli interests will open on Omonia – Vision Omonia from Finders TMI (Tailor Made Investments), which will have 42 rooms. Another Israeli chain, Isrotel Hotels, through its subsidiary ALUMA Hotels & Resorts, will at the end of the year operate the 4th SKYLARK hotel (199 rooms) near Omonia, the ANISE hotel in Psirri and ADIA (218 rooms).

Investment interest in new hotels also exists in Piraeus. The IP14 project will start in spring 2024, and the Mediterranean project by DKG Development, with 58 apartments in Marina Zea, is expected to be completed in 2024.

The Mitsis Hotels group also plans to build Mitsis N’U Piraeus Port in the historic Metaxas building on Aristidou Street with 103 four-star rooms. Work is expected to begin in the second half of 2024 in Piraeus on the renovation of the former Mistral Hotel of SCD Group LTD, built by Thodoros Douzoglu, which will become an 83-room hotel in collaboration with the Hilton brand.

Porto Heli (Peloponnese)

Standing out on the Peloponnesian Riviera is the Six Senses Porto Heli, which will open in 2026 and is the result of a collaboration between CBE Capital, Taconic Capital and the Gutu family. Also by 2026, Porto Heli will be home to the first Waldorf Astoria hotel and resort in Greece, with an investment of more than €200 million. This enterprise occupies a vast territory of 234 hectares, formerly known as the Ermioni Club.

Also in 2026, billionaire Paul Coulson’s AKS Hinitsa Bay will open in Porto Heli (on the site of the former AKS Hinitsa Bay), followed by the AKS Porto Heli hotel. A little further in Ermioni, the Hydra’s Art Residency of Plepi Land Development Ltd, based in Cyprus, will be built. An investment of 119 million euros managed by the Spanish chain Barceló Hotels & Resorts.

Islands

There is also significant capital/investment infusion into the islands. Deos by Myconian Collection is scheduled to open in May 2024 in Mykonos and will consist of 70 rooms and suites. In addition, Numo Mykonos, the second “Numo resort” after its sister hotel in Crete, will open in the summer of 2024 on Kalafatis beach on Mykonos island.

The Mitsis Hotels group is also investing in Mykonos, particularly Elia. Investments over 61 million euros. The luxury resort will offer 194 beds and include both villas and private apartments.

Metaxa Hospitality Group’s Santo Mine Oia Suites will open in Santorini in spring 2024, while Domes Novos will open in the summer. Odera Tinos (77 rooms) will operate on Tinos, while Attica Blue Hospitality’s 180-room Tinos Beach is also being upgraded.

On the tranquil island of Folegandros, Gundari Resort, managed by HotelBrain, will open in May 2024. The SMERemediumCap (SMERC) hotel on Patmos, known as Patmos Aktis Suites & Spa, will reopen in summer 2024 as Patmos Aktis, Luxury Collection Resort & Spa. One&Only Kea Island will open on Kea Island in 2024, representing a major investment of over €150 million.

Andronis Minois is expected to debut on Paros in spring 2024. On the same island, Dubai-based Vivium Holding is entering the hospitality market with the purchase of a boutique hotel on the island of Paros.

Located near Naxos, Naxos Resort Beach will be completely renovated by Attica Blue Hospitality.

New hotels are also opening in Chios, such as the Pearl Island Chios Hotel & Spa, which will open in summer 2024 and is managed by Modus Amplio. Also Xenia Chios, which is due to open in 2024 and is owned by Tsakos Group subsidiary Avlum SA.

In Rhodes, the Mitsis Hotels group is planning a €400 million integrated development in the northern area of ​​Afandou, which is expected to be completed by 2026.

In the Ionian Islands, the investment of Domes Maison Corfu stands out, which is expected to open its doors after the summer of 2024 in the old town of Corfu. Two new properties will be built in Corfu under the Mayor Hospitality brand.

In addition to Corfu, new hotels are opening in Kefalonia, Louis Apostolata Island Resort and in Zakynthos, King Jason Zante of the Louis Hotel Group. In the “Greek Maldives” in Petalios on the island of Evia, Six Senses Megalonisos plans to open by the end of 2027.

Crete

Crete is also an important investment destination: InterContinental Resort will open the first InterContinental Resort Crete in 2024. The business, located in Agios Nikolaos, is a partnership between Hines and Henderson Park and is managed by Y&T Daskalantonakis Knossian Group.

Also in July 2024, the Elios Hill Hotel from Marita Karatzis’ MK Hotel Collection will open in Hersonissos with 275 rooms, an investment of 42.5 million euros. Rosewood Hotels & Resorts is also entering the Greek tourism market from Crete with the opening of the Rosewood Blue Palace in Elounda in 2025.

Imperial Flair Old Town of Chania, Curio Collection by Hilton is another investment in Crete, resulting from Tsiledakis SA’s franchising agreement with Hilton. The hotel will open in 2026 and will have 85 rooms, each with a private pool.

A little further from Chania in Kissamos, the Ikos Kissamos resort is preparing to open in 2025. On the eastern outskirts of Crete, in Elounda, the Elounda Hills complex is being built.

Thessaloniki
New arrivals were also recorded in Northern Greece. In Thessaloniki, Electra Hotels is set to build a second five-star hotel at the intersection of Tsimiski and Ethnikis Aminas streets, with a target of completion in 2027. Also in Thessaloniki is NYX Thessaloniki, scheduled to open in autumn 2024, the first venture of the Israeli group Fattal in the northern capital of Greece.

Zoëtry Halkidiki Resort & Spa in Halkidiki will open in May 2024 and will be the first hotel in Greece of the famous Zoëtry brand. In the summer of 2025, Mitsis Hotels will debut in Halkidiki with a new five-star resort in Sarti after a 20-year strategic management agreement with Happy Holidays SA Also highlighting in Halkidiki is the Diaporos Island project, which in the summer of 2026 plans to open STANDA AEDA of the famous businessman Stavros Andreadis.

Goldman Sachs Asset Management’s (GSAM) investment in Halkidiki is expected to culminate in the summer of 2025, marking the renovation and expansion of three of the six G-Hotels it currently owns: Athos Palace, Pallini Beach and Theophano Imperial Palace.

During this period, investments are also made in the Peloponnese. The Radisson Blu resort in Mani is scheduled to open in 2025. Lampsa, located in a mountainous location, is expanding with a radical renovation of the Elatos Resort in the heart of Parnassus. The Fattal Group is expanding its presence in Greece with the acquisition of Kandia Castle in Nafplio, which is scheduled to reopen in 2024 under the prestigious Limited Edition brand by Leonardo. Finally, in Palairo, Etoloakarnania, expected to open in 2026, Banyan Tree Varko Bay by Accor, a five-star resort.

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