Phaea Resorts, a company owned by sisters Agapi and Constantza Sbokou, along with Eftichios Vassilakis of Aegean Airlines, is moving forward with an impressive investment project in Elounda. The Blue Palace, a flagship complex of the Sbokou group, is planned to be transformed into a luxury tourist complex, including three hotels and 44 fully equipped tourist residences, with a total capacity of 743 beds. The investment is estimated to amount to 100 million euros.
The environmental study of the project has already been approved by the Ministry of Culture, while the final opinion of the Central Archaeological Council is pending, due to its proximity to Spinalonga, a monument that aspires to be included in the UNESCO World Heritage List.
Upgrading existing facilities
The renewed Blue Palace will include two renovated hotels, with the first having a capacity of 348 beds and the second having 113. In parallel, a third hotel will be created, with a capacity of 112 beds. The site will also feature special facilities for the sale of local products and new dining areas.
In addition, the addition of 44 luxury tourist residences, with a total capacity of 170 beds, is planned, enhancing accommodation options. The renewed complex will join the network of the international chain Rosewood Hotels & Resorts, under the brand name “Rosewood Blue Palace”. The project is scheduled for completion in 2026.
New wellness facilities and sustainability
As part of the upgrade, the existing thalassotherapy center will be transformed into a modern wellness and rejuvenation center, serving up to 70 people, while a new wellness center will be created for an additional 30 users.
The resort’s design includes the use of renewable energy sources, such as the installation of a 999.9 kW photovoltaic system, and solutions for efficient water management, ensuring the sustainability of the investment.
The emphasis on tourist residences
Golf Residences, the owner of Blue Palace, seems to be investing strategically in the tourist residence sector. The company is considering the development of similar projects in Hersonissos, such as the conversion of Koutouloufari Village Holiday Club and the expansion of Village Heights Golf Resort.
Golf Residences is also set to receive 42.5 million in financing EUR through the Recovery and Resilience Fund
The new Blue Palace, which will be developed on a total area of ??250 acres, in the Plaka area of ??Elounda, is expected to set new standards in Greek luxury tourism. The wider area has been targeted by international investors who are creating luxury complexes that combine hotels and tourist residences, with the most typical example being Elounda Hills by Russian-Israeli businessman Vitaly Borisov, an investment of over 500 million euros.
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