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hospitality Market News: Greek Real Estate Intelligence

Lamda Development kicked off the emblematic Ellinikon project
Lamda Development paid its first down payment for the project late June, kicking off the investment in Greece’s biggest urban redevelopment plan after years of delays due to bureaucratic obstacles and opposition to the project. The Greek state was the beneficiary of the downpayment, which will go toward the purchase price of €8 bn for the redevelopment of the area stretching along the scenic Athenian Riviera. The area will soon be home to new hotels, shopping malls, office space, homes and other features after the land lay fallow for almost twenty years or was abandoned after the Olympics were over in the Summer of 2004. There is already a huge amount of global interest for the 200 apartments in the Marina Tower, the “tallest building in Greece”, that will be built within the next 5 years in Elliniko, according to the management of Lamda Development. Ellinikon is being developed to transform the old airport into a series of neighbourhoods arranged around a 200-hectare coastal park. This will be the "largest coastal park in Europe" and "increase the allocation of open space per Athenian resident by 44 per cent". Original Source: Euro2day.gr Adaptation/Summary: Kiki Athanasiadis
A new era for Porto Carras – The tender for the masterplan has begun
Belterra Investments Group announced a closed tender process for technical proposals for the full development of the entire Porto Carras area and its emergence as the top tourist destination in the Mediterranean. The tender is in progress, with the participation of pre-selected leading international Architectural Companies. The company's investment plan includes the remodeling of the total area of ​​18,000 acres, with 7 * Hotel units, landscaping, private houses of high standards, Casino, Winery, Marina and top-level sports facilities as well as other activities and facilities. The vision of the new owner company is the creation of the new top destination in the Mediterranean, offering unique hospitality experiences of the highest quality, with operation throughout the year and to to create a top destination that is expected to attract a significant volume of quality tourism in the region of Northern Greece, with obvious benefits for the revenues of the industry, the local community and the Greek economy. Based on the long-term planning of the project, the first stage of receiving the initial Masterplan proposals will be completed in August, with the next steps being the assignment of the continuation. According to its broader vision for the quality development of tourism in Greece, Belterra Investments Ltd., through its business unit Dimera Hospitality dynamically develops its quality portfolio consisting of emblematic hotels throughout the country. Original Source: Capital.gr Adaptation/Summary: Kiki Athanasiadis
Meliá Hotels International to open three hotels in Crete and Rhodes
Meliá Hotels International, the leading hotel company in Spain and a world leader in the resort hotel segment, has announced the addition of three new hotels on the Greek islands. Two of the hotels will operate in Crete, and one in Rhodes. They will either operate as hotels Affiliated by Meliá, or as Sol by Meliá hotels. On Crete, the Blue Sea Beach Hotel will start operating as an Affiliated by Meliá hotel in 2022. It is a five-star beachfront resort with 226 rooms and suites, including suites with their own private pool. With large outdoor spaces, the hotel facilities also include outdoor pools, an indoor pool, a gym, a spa, and two restaurants and several bars. Also in Crete, the current Marina Beach will begin to operate under the Sol by Meliá brand in 2022. Located alongside the sea, this four-star hotel has 396 rooms, most of which were renovated in 2019. Both hotels will join the Meliá Hotels International portfolio under a franchise agreement and are located near Heraklion. On Rhodes the current Cosmopolitan Hotel will become an Affiliated by Meliá hotel in the coming May. This all-inclusive four-star hotel has a privileged location on the Ixia coast, a few kilometres from the top tourist attractions in Rhodes. The hotel offers 377 rooms with views of the sea or the extensive gardens, and its facilities include two restaurants, several bars, two outdoor swimming pools, tennis courts, a gym and a spa. The hotel is scheduled to begin operating under the Sol by Meliá brand in 2022 after adapting its facilities to the brand standards and attributes. The owning company of these three properties is Zeus Hotels. Original Source: Naftemporiki.gr Adaptation/Summary: Kiki Athanasiadis