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Major €150m Hotel Investment Planned for Crete

The Creta Maris Beach Resort of Metaxas Group of Companies.

The Creta Maris Beach Resort of Metaxas Group of Companies.

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.

Active on Crete since 1975, the portfolio of the Metaxas Group includes the Creta Maris Beach Resort and the TUI Magic Life Candia Maris.

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About the Author
Nikos is Greek-American born in New York, USA, and has lived in Greece for over 30 years. He is the managing editor of Greece's leading monthly travel and tourism guide, the Greek Travel Pages (GTP) since June 2008 and of news site GTP Headlines since its launch in September 2012. Nikos has also served as international press officer for the City of Athens and for the mayor. He has a degree in Mass Media and Communications, specializing in Journalism. Nikos is a native English speaker and speaks Greek fluently.

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