The integrated luxury tourist resort developed by HINITSA BAY HOLDINGS, a company affiliated with the family of Paul Coulson and including the participation of Aris Goutos, is being implemented on a site covering 641,966.16 square meters, which includes 185,582.67 square meters of private forest land.
The site currently houses the 4-star AKS Hinitsa Bay hotel, originally built in 1972. This hotel will undergo modernization and upgrading to meet current building and operational standards, and will also be certified under the LEED (Leadership in Energy and Environmental Design) sustainable building standard. The area also includes the abandoned Alexiou private airfield and the former owner's residence. The overall development will be structured into three distinct zones:
Zone 1
This zone will host a 5-star hotel operated under the Four Seasons brand. It will feature a wide range of facilities including leisure and spa services, thalassotherapy, conference centers, children’s play areas, sports facilities, restaurants, and environmental infrastructure.
Zone 2
This area will accommodate furnished tourist residences, which may be sold or leased on a long-term basis. These residences will be supported by environmental infrastructure, wastewater treatment units, and fire protection systems.
Zone 3
A designated forest conservation area spanning 185,582.67 square meters. No construction is permitted within this zone, except for light recreational interventions, subject to approval by the Forest Authority.
The total accommodation capacity of the resort is set at 607 beds. The maximum allowable building area is 43,038.34 square meters, with the potential to increase by an additional 12,296.60 square meters for special tourism-related facilities.
Building height restrictions are defined as follows:
- Up to 7.5 meters within 200 meters from the coastline,
- Up to 10.5 meters beyond this 200-meter zone,
- Roof structures may add an additional 2 meters, beyond the above maximum height limits.
- The total built area for the furnished tourist residences must not exceed 60% of the total constructed area, with an absolute maximum of 25,822.80 square meters.
Emphasis on Environmental Considerations
Special attention has been given to ensuring public access to Hinitsa beach and the removal of the abandoned airstrip, along with full landscape restoration of the area.
Project Financing Through the RRF
To finance the development, in July of the previous year, HINITSA BAY HOLDINGS resolved to issue a common, secured bond loan totaling up to €64,433,915, divided into two series:
Bond Loan Structure
Series A Bonds: Up to €40,271,197, fully subscribed by the Hellenic Republic, represented by Attica Bank S.A., under the Recovery and Resilience Facility (RRF) bond program.
Series B Bonds: Up to €24,162,718, to be subscribed by Attica Bank S.A., which will also act as bondholders’ representative, payment agent, and account bank for the program.
Personal Guarantee by Paul Richard Coulson
Of particular significance is the participation of Mr. Paul Richard Coulson, who will act as personal guarantor of the loan. Mr. Coulson will be liable for the entire debt arising from the RRF Bond Loan Program until full repayment or the release date, as defined in the program's terms.
