ELLA Resorts accelerates growth with new Athens Riviera resort

The Agia Marina project is being developed through HELIOS 2 Holdings and involves converting the existing complex at the 36th kilometre of Athens–Sounio Avenue into a five-star resort. The latest publicly disclosed plans provide for 339 rooms and 805 beds across an area of approximately 65 stremmata, featuring swimming pools, restaurants, wellness facilities and extensive landscaping of the surrounding grounds.

The investment is expected to exceed €100 million, according to ELLA Resorts Chief Executive Officer Konstantinos Sideris, with the hotel scheduled to commence operations in 2028. Environmental permitting and the issuance of the building permit are critical steps towards the full development of the project.

HELIOS 2’s financial statements for 2025, as reflected in recently published data, already indicate the mobilisation of capital for the project. The company closed the financial year with total assets of €40.59 million, of which €38.61 million related to fixed assets, while it had not yet generated any operating revenue.

From Rhodes to Corfu

The development in Attica adds to a portfolio that ELLA Hotels & Resorts is now expanding across Rhodes, Corfu, Crete and Athens. In Rhodes, the Elissa Lifestyle Beach Resort and Helea Lifestyle Beach Resort have completed their main renovation cycle and are now entering a phase of consolidation. The company operating the two properties reported revenue of €42.68 million in 2025, an increase of approximately 10%, and EBITDA of €14.25 million, compared with €13.26 million in 2024. Net results returned to a profit of approximately €758,000, compared with a loss of €2.73 million a year earlier.

In Corfu, Álkyna Lifestyle Beach Resort, formerly known as La Grotta Verde, completed its renovation, with 2025 representing its first full year of operation under its new identity. Revenue amounted to €14.62 million and EBITDA to €3.11 million, with the company recording the highest level of revenue in the property’s history.

Mon Repos Palace also recorded growth. Revenue increased to €3.96 million from €3.80 million, while EBITDA rose to €1.26 million, representing a margin of approximately 31.8%.

Elyra and Capo di Corfu: the Next Projects

Investment activity in Corfu is now shifting towards properties undergoing renovation.

The former Pelekas Monastery, which will reopen as Ella Elyra, remained closed in 2025 due to its comprehensive renovation. As a result, it generated no revenue, compared with €6.68 million in 2024, while losses amounted to €2.46 million. ELLA is positioning the property as a new adults-only resort, while an earlier group plan envisaged an investment of approximately €12.5 million for its upgrade.

At the same time, Capo di Corfu in Agios Petros, Lefkimmi, was also undergoing a comprehensive renovation in 2025. The property remained closed and generated no revenue, compared with €10.23 million in 2024. Payments for facilities and equipment amounted to €3.62 million, while losses reached €4.91 million. In February 2026, a decision was taken to issue a bond loan of up to €120 million.

Rocrita Moves from Construction to Operations

In Crete, Ella Rocrita in Mochlos, Lasithi, represents the latest major resort to transition from the development phase to operations. In 2025, the property was still undergoing construction works, as the timetable had been extended to allow for the completion of upgrades to the existing facilities and the creation of new ones.

The property commenced operations in 2026 as a resort comprising 358 rooms and suites, having already secured contracts with tour operators for its first tourism season.

The expansion of investment is also reflected in the financial results of ELLA Hotels & Resorts. The management company reported revenue of €2.83 million in 2025, compared with €2.90 million in 2024. Operating expenses before depreciation and impairment increased by 61% to €6.14 million, resulting in an EBITDA loss of €3.32 million, compared with a loss of €912,000. Losses after tax widened to €4.16 million, from €1.15 million.

The increase in costs is attributable, among other factors, to the expansion of the organisational structure. The number of employees rose to 46 at the end of 2025, from 28 in 2024.

The company’s capital position was also under pressure at the end of the financial year. Total liabilities amounted to €9.05 million, compared with €6.28 million in 2024, while shareholders’ equity was negative at €5.93 million.

Finally, during the second quarter, the company proceeded with the capitalisation of a €6.396 million bond loan from its parent company, thereby strengthening its capital base.