One step before inclusion in strategic investments is the investment project Halkidiki is linked to Goldman funds SaxThe information also indicates the relevant file submitted by the “Tourism Associations of Greece SA” and is expected to be evaluated in the coming days by the Inter-Ministerial Committee for Strategic Investments (DESE).
“Tourist Complexes in Greece SA”, as the executing body for the investment, which provides for the development of a luxury resort with a capacity of 1,000 beds instead of the three hotels that the Investment House acquired, for approximately 70 million euros, from the Grigoriadis Group, and had submitted in November 2022 a file. The project was submitted to Enterprise Greece, requesting that the project in question be subject to the provisions of Law 4864/2021 relating to strategic investments with the incentive of tax exemption and rapid licensing.
The project, with a budget of 107.6 million euros and based on the original design, envisages the reshaping of the Kallithea hotel complex, which extends over 158 acres and has an 850-meter beachfront. The complex consists of three hotels, Athos Palace, Balini Beach and Theophano Imperial, and the aim is to put it back on the Greek tourist map, through the development of a high-level resort, which will include, among other things, hotel facilities, independent apartments – bungalows and full catering and spa services. And entertainment.
As for the 20-acre wooded area on the northeastern side of the complex, the design focuses on creating gardens, recreational areas, places of worship, a theater, and a playground. In fact, as expected in the investment plan, the project will meet all energy standards and sustainable development practices, while the goal is to contribute to strengthening the local economy.
According to the relevant filing submitted by “Tourist Groups of Greece SA” (whose sole shareholder is “GH Employees per year (full and part-time) corresponding to more than 300 annual business units (EME).
It is noteworthy that in 2022, Goldman Sachs acquired the three hotels Athos Palace, Pallini Beach and Theophano Imperial, owned by the Grigoriadis family (GHotels Group) in Halkidiki.
The 4-star Pallini Beach Hotel, with 485 rooms and one floor, was developed in 1972 and renovated before 2000, and the 4-star Athos Palace Hotel, with 413 rooms, was built in 1976 and renovated in 2000. 2005, while the five-star hotel has 413 rooms and was renovated in 2005. The Imperial Palace of the Star Theophano, with a capacity of 151 rooms, was built in 1976 and was last renovated in 2010.
But in addition to this project, Goldman Sachs proceeded last June to acquire the eight hotels previously owned by the Chinese company Fosun in Greece, strengthening its mark on the Greek hotel map.
In addition to the investment plan of Goldman Sachs, three more tourism investments are expected to be “passed on” by DESE in the near future, one of which concerns modifications related to the project launched by Mirum in Elounda, Crete.
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