Greek Court Says ‘Atalanti Hills’ Tourism Investment Legal

A 1.5-billion-euro tourism project, slated for the Central Greece region of Fthiotida, received the green light from the country’s highest court this week.

The Council of State ruled that the project, dubbed Atalanti Hills, to be erected by Lokros Real Estate in the forest area of Exarchos, Fthiotida, some 11km from the sea, is “constitutional and legal pending a positive ruling by the Central Administration Council for the Exploitation of Public Property” within 15 days.

Photo Source: https://golfible.com

The ruling will lay out the terms of land use for the investment plan which will include five-star hotels with a total capacity of 8,872 beds: 2,990 beds in the hotel complexes and 5,882 beds in 3,306 furnished holiday homes which can be sold or leased. Other plans include a hybrid hydrotherapy and spa facility, a conference center, and three 18-hole golf courses covering 1,703,465m2 of land.

If the investment goes ahead, it is expected to create more than 5,500 permanent full-time jobs per year offering 8,800 employment positions in full operation.

Meanwhile, Atalanti Hills is expected to generate annual revenues of up to 46 million euros in the first 14 years, while in full operation annual earnings are estimated at reaching 150 million euros and sales at 184 million euros.