New hotel project in Koufonisia referred to the Central Archaeological Council

The National Archaeological Council (KAS) is now handling the case concerning the planned hotel development project in Ano Koufonisia, following an appeal filed by NOMAS S.A., the corporate vehicle through which the investment is being promoted by the Koukoutaris family. The appeal challenges a decision by the Directorate of Prehistoric and Classical Antiquities (DIPKA), which concerns the approval of an application for the construction of a hotel unit within the settlement of Ano Koufonisia.

The company was established in May 2022 and is headquartered in Kozani. It operates across a broad range of activities, including tourism and hospitality, catering, real estate management, and property development.

State aid of €2.85 million

The investment project had already received significant support in late 2024, when it was included under the Development Law, securing state aid of approximately €2.85 million. The plan concerns the development of a five-star hotel with a capacity of 29 rooms and 58 beds, with a total eligible budget of €4.75 million. The subsidy of €2.847 million covers around 60% of the total cost, under the “Tourism Investment Support” scheme of Law 4887/2022.

According to the investment dossier, the project is expected to create 31.4 annual full-time equivalent jobs, contributing to employment and tourism activity in the area.

Connection to Alfa Pastry

The Koukoutaris family is widely known for its business activity through Alfa Pastry, one of Greece’s most recognized manufacturers of frozen pastry products, based in Kozani. In the previous fiscal year, the company recorded a record-high turnover of €76.96 million, marking an increase of 11.6%. However, the rise in sales was not accompanied by a corresponding improvement in profitability.

Pre-tax profits fell to €5.72 million from €7.55 million in the previous year, while net profits stood at €4.88 million compared to €6.86 million. EBITDA also declined to €8.34 million from €9.91 million.

According to management, the pressure on profitability is mainly linked to increased investment spending on marketing, which reached €3.46 million, with a particular focus on expanding the company’s presence in the North American market. The development at KAS is now of particular interest, as the forthcoming decision is expected to determine the trajectory of an investment that links tourism development with one of the most prominent regional business groups in Greece.