The Metaxas Group of Companies recently announced plans for a major hotel investment on Eastern Crete.
Budgeted as 150 million euros, the investment will be developed on a property of 1,200 stremma in the Mirabello Bay in the area of Kavousi. The investment includes two luxury hotels of 300 beds each and a small village with 208 holiday homes. The building factor is 4.8 percent of the property.
According to Metaxas, the project is expected to be included in the fast track procedure for strategic investments. (The Fast Track law in Greece accelerates licensing procedures for investments deemed strategic to the Greek economy).
The 150-million-euro project on Crete is part of a 250 million euros investment plan of the group, scheduled to be carried out over a period of 15 years. The plan also includes an investment for a luxury boutique hotel on Santorini.