Tourism: New Deals Emerging in Crete’s Hotel Market

Significant investments totaling hundreds of millions of euros are pouring into Crete’s hotel market, attracting both established industry players and leading international hotel chains.

This surge in investment is driven by promising growth prospects fueled by the upcoming Kasteli airport on the eastern side of the island and the development of the northern road axis.

Market trends indicate a widening interest in investment beyond the island’s northern region, extending to the south and east, where many development opportunities still exist.

Moreover, established local hotel chains are opting to collaborate with international brands, amplifying the overall enhancement of the tourism offerings in Crete.

Several new hospitality ventures are slated to debut in Crete’s hotel market this year and beyond.

An indicative example is the InterContinental Resort Crete set to open in 2024, alongside Elios Hill by MK Hotel Collection in Hersonissos, opening in July of the same year.

Furthermore, it was recently announced that Marriott International is partnering with SWOT Hospitality and Vasilakis S.A. to introduce the first JW Marriott on the island, while also launching the “Tribute Portfolio” brand at the Alai Beach Resort in Stalida, undergoing renovation.

Also, Rosewood Hotels & Resorts will enter the Greek market with the Rosewood Blue Palace in Elounda in 2025, and the Imperial Flair Chania Old Town, Curio Collection by Hilton, is another notable investment.

A little further from Chania in Kissamos, the Ikos Kissamos Resort is being prepared, marking the first descent of the Sani/Ikos group on the island, while the Elounda Hills project is progressing in Elounda on the eastern tip of Crete, spearheaded by the Mirum construction group.

Finally, the American investment firm HIG Capital is eyeing investments in Crete, having acquired the Aldiana Club Kreta hotel in Agios Nikolaos and exploring further acquisitions in Rethymno and other regions of Crete.