hospitality Market News: Spanish Real Estate Intelligence

Despite the pandemic, investment in hospitality infrastructure continues intensively. The Central Council of Urban Issues and Disputes gave the green light for the implementation of a hospitality investment on Mykonos island. The project has a budget of €40 m. The complex of furnished villas and a five-star hotel, will be developed in an area of 53.4 square metres km at the location Kastellakia near the coastal settlement of Platy Gialos. The investment will be implemented by the companies E. Daktylidis SA and Zeus of Marios and Vangelis Daktylidis who control about ten hotel units on the island. According to Capital’s information, the initial investment plan provided for the creation of a 258-bed hotel, but the services of the Ministry of Environment suggested reducing the Building Factor. Therefore, the number of hotel beds will not exceed 200. The resort is estimated to have an annual turnover of 7-8 million euros and will create 200 jobs during construction, while 150-200 people will be employed during the operation. Original Source: Capital Adaptation/Summary: Kiki Athanasiadis

Grivalia Hospitality and Frontisa Management are one step closer to the implementation of a €58m hospitality investment on Mykonos. The project is called "Project Blue" has already been included in the Strategic Investments since May. The public consultation on the Strategic Environmental Impact Study has recently begun and once the approval of the Council of the State is obtained, the way will be open for the issuance of the Presidential Decree on the Strategic Investment. According to the plan, a 5-star hotel facility with spa infrastructure with a total capacity of 340 beds, will be developed in plot of ​​about 100 square km, in the area of Ano Mera, about 400 meters away from Kalo Livadi beach. The hotel facilities will have 150 suite rooms: A villa (276 sqm), four presidential suites (approximately 170 sqm each), four villas (250-300 sqm), 41 suites (60-77 sqm) and 100 guest rooms (25-59 sqm). Staff rooms will also be set up within the area. During the construction phase, 132 jobs are expected to be created and 300 jobs will be created during the operation. According to the architectural proposal of the project, the buildings are mainly ground floor, most of the rooms will have private pools, while almost every room will have a garden or terrace. The buildings will be integrated with green spaces, while their morphology is harmonized with the character of Mykonos. There will be an internal road network as well as a pedestrian network for the internal communication of the hotel complex. Project Blue is the first investment of significant importance implemented by Grivalia Hospitality on Mykonos, at a time when large projects have been launched on the island of Cyclades. At the same time, the company has acquired 80% of Nafsika SA, which has a long-term lease of the Glyfada Star property, while the company's portfolio includes Meli Palace in Crete, a luxury Amanzoe complex in Porto Heli and Pearl Island in Panama. Grivalia Hospitality's main shareholder is M&G Investments Management, Prudential's investment arm in the UK and Europe, while Eurobank and Eurolife FFH own 25%. Original Source: Capital Adaptation/Summary: Kiki Athanasiadis