Greece boasts 150 five-star hotels within three years

New hotel units are mushrooming across the country as investors and hoteliers agree that tourism will experience a new boom in the coming years and demand for vacations will be high.

From Santorini and Mykonos to Corinth, Evia and Attica, the Ministry of Development is constantly approving new investment projects for larger and smaller hotel units.

The following “new arrivals” have been approved as indicative

1. The investment plan of the company “WHITE MULBERRY DEVELOPMENT PRIVATE CAPITAL COMPANY” for the establishment of a hotel unit, category 5*, capacity of 119 rooms/240 beds” in the location “Kalafatas”, of the Municipal Community of Ano Mera, of the Municipality of Mykonos, total eligible cost equal to 20,037,246.08 euros and a total supported cost equal to 18,990,769.23 euros.

2. The investment plan of the company “IOS ISLAND RESORT MON. IKE.’ (under recommendation) for the establishment of a 5-star hotel with a total capacity of 50 rooms / 110 beds in the Mersinia location of the Municipality of Ios on the island of Ios, with a total eligible cost of 5,330,000.00 euros and a total supported cost equal to 5,330,000.00 euros.

3. The inclusion of the provisions of Law 4399/2016, as applicable, of the investment plan of the company “ALTHEA RESORT PRIVATE CAPITAL COMPANY” for the establishment of a category 4* hotel unit, with a capacity of 39 rooms/104 beds in the area of ​​Ano Loutro, in the Municipality of Xylokastro – Eurostin, total eligible costs equal to 4,945,803.00 euros and total subsidized costs equal to 4,945,803.00 euros. The same company also invests in another category 3* hotel, with a capacity of 46 rooms / 98 beds” in the same area at a cost equal to 4,034,476.79 euros and a total supported cost equal to 4,034,476.79 euros.

4. The investment of “AKRO RESORT MONOPROSOPI IKE” which refers to the “establishment of a category 5* hotel unit, with a capacity of 11 rooms / 42 beds” in the settlement of Akrotiri Santorini, in the Regional Unit of Thira, for a total eligible cost equal to 3,002,000.00 euros and total supported cost equal to 3,002,000.00 euros.

5. The investment plan of the company under formation EVIA LUXURY HOTELS SA, which refers to the establishment of a 5-star category hotel, with a capacity of 53 rooms of 118 beds in Megalonisso Petalion Marmariou, Evia, with a total eligible cost equal to 6,253,935.46 euros and a total supported cost equal to 6,253,935.46 euros.

6. The investment plan of the company to be established MYKONOS LUXURY HOTELS SA, which refers to the establishment of a 5-star hotel, with a capacity of 64 rooms of 196 beds in Rahes, Ano Mera, Mykonos, with a total eligible cost equal to 10,543,625.50 euros and a total enhanced cost equal to 10,543,625.50 euros.

7. The investment of the company “WHG SOUNIO MANAGEMENT S.A.” which envisages the creation of a luxurious five-star hotel in the Punta Zeza area of ​​Souni, in the Municipality of Lavreotiki of the Eastern Attica Regional Unit, of the Attica Region, with a capacity of 179 rooms and 406 beds. The total eligible cost for this investment is 14,231,824.17 euros, with the total subsidized cost also being 14,231,824.17 euros.

International chains

Investments in new units are a continuation of a trend recorded in recent years, marked by the entry into the Greek market of international chains, the strengthening of the presence of those already here. It is characteristic that according to the data of the Hellenic Chamber of Hotels, from 2018 to 2021, 225 new hotels were added, of which 150 have 5 star ratings.

In addition to the above, the new investment of Mitsis Hotels in the amount of 20 million euros concerning the creation of a 5* hotel resort in Halkidiki is recalled

In particular, the Group entered into a 20-year property management agreement with the company Happy Holidays SA, with a horizon of completion and operation of the unit in 2025.

The new hotel unit is located in Sarti, a coastal area on the eastern side of the Sithonia peninsula in the prefecture of Halkidiki. The total capacity of the project amounts to 150 rooms with a unique sea view.