"Tourist Complexes of Greece SA" plans to develop a luxury hotel complex in the former property of the Grigoriadis group. The company had submitted a file to the organization of Enterprise Greece in November 2022 for the same.
According to sources from Enterprise Greece, this investment is significant for the country since Goldman Sachs is launching a completely new hotel brand. The project will be undertaken by Ousia Hospitality Platform, Goldman Sachs' hospitality platform based in Athens.
The project
The investment project has a budget of €107.6 million and involves the renovation of the Kallithea hotel complex, which spans 158 acres and boasts 850 meters of beachfront. The complex currently includes three hotel units: the 4-star Pallini Beach (built in 1972 and last renovated before 2000), the 4-star Athos Palace (built in 1976 and renovated in 2005), and the 5-star Theophano Imperial Palace (built in 1976 and renovated in 2010), as well as bungalows and other facilities such as restaurants, bars, swimming pools, meeting rooms, tourist shops, sports facilities, water sports, parking spaces, and storage areas.
The remodeling plan aims to upgrade all existing hotel units and create a single, modern tourist resort of high standards. The new resort will consist of 5-star luxury hotel units, independent luxury apartments (bungalows), and integrated catering, spa, and entertainment services. The project will result in a resort with over 1,000 keys. In the forest area of 20 acres within the complex, parks and recreational areas, a place of worship, an amphitheater, and a playground will be created.
The project is requesting inclusion in the provisions of Law 4864/2021 on strategic investments. This would provide the incentive of tax exemption and rapid licensing.
