Smpokos and Vasilakis receive approval for major southern Crete tourism project

The €121 million investment is being implemented by Myrina Village Tourist and Hotel Enterprises Single-Member S.A., a company associated with the business interests of the Smpokos and Vasilakis groups.

The project has been incorporated into the Strategic Investments framework and involves the development of a high-end integrated tourist resort on a coastal plot of approximately 158 stremmata at the “Skouros” site in Kastrí, Viannos Municipality, Heraklion Prefecture. The complex will feature 140 hotel rooms and 30 tourist residences, dining areas, a wellness and fitness spa, and landscaped gardens for the production of organic products.

According to the company, the goal of the investment is “to create a high-quality, fully integrated tourist complex, harmonized with the natural and human-made characteristics of the area and fully compliant with international Green Hotel standards.”

The location is one of the characteristic areas of southern Crete, with dramatic natural terrain, a southern orientation, and unobstructed views of the Libyan Sea. It is 38 km from the new Kasteli airport, which is expected to begin operations in 2027.

Project Financing
According to the incentive approval signed by the Minister of Development, Takis Theodorikakos, the majority of the investment will be funded through debt. 13.5% of the total cost will come from equity, while the remaining 86.5% will be financed via loans, of which 43.8% through the Recovery and Resilience Facility and 42.7% through bank financing. The exact breakdown will be finalized upon project completion and the final calculation of actual costs.

Approved Incentives
The incentives include fast-track permitting to accelerate approvals from competent authorities. Special zoning is also provided through a Special Spatial Development Plan for Strategic Investment, with land designated for Tourism – Recreation. Additionally, the project may include use of seashore and beach areas, as well as supporting and auxiliary works necessary for operation.

The investment plan, titled “PHAEA – South Crete: Integrated Tourism Development Plan”, is expected to be completed within 15 years.

Corporate Leadership
The President of Myrina Village is Konstanza Smpokou, the Vice President and CEO is Agapi Smpokou, and the Board of Directors includes Eftychios Vasilakis, Chairman of Aegean Airlines, and Georgios Vasilakis.