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Major Tourism Investments Underway In Greece

Akis Sklavos, the investment manager at Invest in Greece Agency (second from right) informs on Greece's latest fast-track investments.

Akis Sklavos, the investment manager at Invest in Greece Agency (second from right) informs on Greece’s latest fast-track investments.

Over 80 percent of this year’s requests to join Greece’s fast-track scheme for strategic investments involve major tourism projects, according to Akis Sklavos, the investment manager at Invest in Greece Agency.

Speaking at the recent Capital + Vision multi-conference on tourism development in Thessaloniki, Mr. Sklavos said that while in 2012 there was not one request for a tourism investment to join the fast-track process, this year the majority of requests involve tourism projects due to significant changes made to the scheme.

He referred to three confirmed fast-track investments – in Halkidiki, Sitia and Argolida – of a total budget of over 1.4 billion euros.

“Pravita Estate” – the investment of Pravita, with a budget of 796 million euros, concerns the creation of a luxury resort in Poligiro of Halkidiki that will include a 5-star hotel, a golf course and luxury homes.

Aerial view of Kavo Sidero.

Aerial view of Kavo Sidero.

“Kilada Hills” – the investment of MindCompass (a company controlled by Dolphin Capital Investors) with a budget of 345 million euros, concerns the creation of a luxury tourism village in Ermionida Valley in Argolis. Kilada Hills, which includes a 5-star hotel, a tennis court, a golf club, a beach club and holiday homes, is part of the Porto Heli Collection project, along with Amanzoe and Nikki Beach.

“Itanos Gaia,” an investment of Loyalward (now part of Minoan Group) with a budget of 267 million in Sitia (Crete) in the Kavo Sidero area. The investment involves five hotels with a total capacity of 1,936 beds, an 18-hole golf course and a wellness center.

Mr. Sklavos also added that the Invest in Greece Agency is currently reviewing a request to add a major tourism investment planned for Ithaca within the fast-track scheme.

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