Karatzis Group Sells ‘Stella Polaris Creta S.A.’ to TUI

Crete-based Karatzis Group of Companies announced on Friday that it has sold the 100 percent of the shares of its subsidiary Stella Polaris Creta S.A. to tourism giant TUI Group.

Stella Polaris Creta owns 13 hectares of land by the sea in the area of Ierapetra, Crete. TUI Group will use the property to to open a new Robinson Club.

According to an announcement, the sale of Stella Polaris Creta is expected to further strengthen the current and future investment plans of Karatzis Group.

Moreover, the announcement read that since the subsidiary was inactive, the turnover and operating results of Karatzis Group would not be affected.

Karatzis Group also owns the 5-Star Nana Beach Hotel in Heraklion and is currently constructing the luxury Nana Princess in Hersonisos. The new hotel is expected to open in April 2018.