The Karatzis Group inks deal to purchase the Knossos Royal
The Karatzis Group inks deal to purchase the Knossos Royal

The Karatzis Group inks deal to purchase the Knossos Royal

Aldemar exits the cretan hotel market.
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RE+D magazine
02.12.2024

The Karatzis Group has announced the acquisition of the 'Knossos Royal' hotel complex from Aldemar, a company owned by the Angelopoulos family.

At the end of October 2024, the parent company finalized an agreement to acquire the 'Knossos Royal' hotel, located in Hersonissos, Heraklion, for an estimated total consideration of approximately €80 million.

The 391-room and suite complex will undergo a comprehensive refurbishment, with the goal of transforming it into a premier luxury destination. The renovation is slated for completion by 2026, with financing expected through the Recovery & Resilience Fund (RRF).

The group, which has maintained a strong presence in the hospitality sector since the early 1980s—highlighted by the flagship Nana Golden Beach hotel—projects a robust performance for 2024. This is driven by increased average daily rates and higher occupancy levels at Nana Princess. Additionally, five newly constructed luxury villas at Nana Princess were fully operational from the start of the 2024 season, marking a significant investment aligned with the RRF.

This acquisition marks a strategic shift for Aldemar, which is reducing its footprint in Crete. Two years ago, the company sold the 5-star Aldemar Royal Mare and 4-star Aldemar Cretan Village hotels in Hersonissos to the Mitsis Group for an estimated €90 million.