Pandemic? No Stopping Greece’s Super-Luxury Hotel, Resort Growth

While most people struggle to put together some days off for summer holidays, the super-rich love Greece so much that ultra-luxury properties, including hotels and resorts, can't keep up with the demand.

Property market officials and hospitality consultants said they expect a bump in investors in the sector in the second half of 2021, said Kathimerini in a review of the industry and tourism.

That's when health officials hope that the COVID-19 pandemic will start to recede, even as its current resurgence has cut into tourism hopes, especially on islands where tourism workers aren't vaccinated.

An analysis by Xenium Advisors, which specializes in hospitality consultancy, foresaw a jump in investments in the sector that caters to the wealthy, noting that Hotel Investment Partners (HIP), a member of the Blackstone investment group and one of the biggest hotel unit owners in southern Europe, taking over the Elounda Blu hotel from Ledra Hotels & Villas. 

Elounda Blue is a four-star unit with a capacity of 183 rooms in eastern Crete, with Spain’s HIP saying it will put another 6 million euros ($7.12 million) into making it more luxurious and become a 5-star resort, the most sought after by those with unlimited money to spend.

HIP acquired five units from the Louis Group in November 2019 that, along with the Elounda Blu deal with upgrades, means it will have invested some 250 million euros ($296.47 million) in the country, and more investors will too.

The US realty group Hines won the rights to acquire the Out of the Blue Capsis Elite Resort in Crete for 125 million euros ($148.23 million,) the paper's report added as another example.

While the Xenium analysts said tourism won't return to the record 2019 levels before 2023 it said that investors taking a long view see big returns on the back end for jumping into the market when it is down.

The biggest demand for properties is along seaside areas that are public beaches but will be closed off except to users of the facilities, with investors eager to scoop up 4-star hotels in those areas to make them 5-star resorts.

Hotel investment isn't limited to the seaside, as the urban collection Brown Hotels is renovating an abandoned hotel in Athens' Omonia Square, that was a seedy hangout for drug users, criminals and immigrants but is being transformed after a fountain was installed in the center.

Brown Acropol will be a 165 room-and-suite hotel surrounded by run down cement structures covered with graffiti, showing the interest in getting tourists into the downtown area of the capital as well as the seashore.

The building has seen several hotel investors try and fail to make a go of it, mostly because of the area's reputation that Mayor Kostas Bakoyannis is trying to change with upgrades.


ATHENS - Almost nine years after being on the brink of being pushed out of the Eurozone and its economy shrinking 25 percent, Greece’s unlikely comeback is continuing, with a 3 percent growth forecast for 2024.

Top Stories


A pregnant woman was driving in the HOV lane near Dallas.

General News

NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.


A Palestinian Baby in Gaza is Born an Orphan in an Urgent Cesarean Section after an Israeli Strike

RAFAH, Gaza Strip (AP) — Sabreen Jouda came into the world seconds after her mother left it.

NEW YORK  — Monday's opening statements in the first criminal trial of a former American president provided a clear roadmap of how prosecutors will try to make the case that Donald Trump broke the law, and how the defense plans to fight the charges on multiple fronts.

ASTORIA – The singer Anastasia visited St.

CHICAGO, IL – This spring, Wrightwood 659 hosts Chryssa & New York, the first museum exhibition in North America in more than four decades to focus on the Greek-born artist Chryssa (1933–2013).

NEW YORK – Greek-American George Patrikis, owner of Ditmars Flower Shop in Astoria, was featured in the New York Times on April 15 about the rise in the cost of a dozen red roses from $60 in 2019 to $72 today.

Enter your email address to subscribe

Provide your email address to subscribe. For e.g. [email protected]

You may unsubscribe at any time using the link in our newsletter.