Major Tourism Investment on Crete Gets Green Light

Aerial view of Kavo Sidero.

The Greek Council of State, the highest court in Greece, has approved the draft presidential decree which refers to the development plan and strategic environmental impact study of the “Itanos Gaia” tourism project on Crete of travel firm Minoan Group.

The project is an investment of Loyalward — now part of Minoan Group — with a budget of some 267 million in Sitia (Lassithi) 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. The project first launched in 1998.

In an announcement, Minoan Group said that the approved draft presidential decree will now be passed to relevant ministers and then finally to the President of the Republic for signatures.

Further announcements will be made when appropriate, Minoan Group said.

According to Minoan Group, the green light given by Greece’s highest court caused the company’s shares to rise by more than 19 percent.