- By Viki Tryfona
After four decades of strong presence in Crete and Rhodes, the Aldemar Hotels & Spa Group is entering a new phase of strategic restructuring, with a clear geographical and business shift towards the Western Peloponnese. The past year marked not only the completion of a major hotel deal but also the beginning of an ambitious investment program in Ilia, where the Group is building its new development center.
At the end of 2024, Aldemar proceeded with the sale of the historic Aldemar Knossos Royal & Villas complex in Hersonissos, Crete, to the Karatzis Group, for an amount approaching 80 million euros. This deal, which confirmed the momentum of Greek tourist real estate, significantly strengthened Aldemar’s liquidity, allowing it to redefine its strategic direction.
Strengthening of figures and strong profitability
The sale of Knossos Royal had an immediate positive impact on the Group’s financial results. Aldemar AXTE, the company through which the hotel operated, recorded an EBITDA of 31.2 million euros for 2024, compared to just 2.2 million euros the previous year, and net profits of 20.3 million euros, from losses of 2 million euros in 2023. Revenues amounted to 14.1 million euros, increased by 10%, while gains from the disposal of fixed assets amounted to 46.6 million euros, reflecting the importance of the transaction for the company’s overall image.
At the same time, Aldemar’s only remaining hotel, Olympian Village in Skafidia, Ilia, recorded a 13.3% increase in revenue to €17.9 million, with gross profits of €5.4 million. Despite a slight decline in EBITDA to €4.19 million (-15.5%), due to increased operating costs, demand moved upwards, with overnight stays reaching 95,721, up by almost 5%.
The new investment front in Skafidia
With the funds from the sale of the Cretan unit, Aldemar has implemented an ambitious investment plan for the Western Peloponnese. At the core of the program are two new five-star hotels that will be built on neighboring lands, next to Olympian Village, with a total capacity of approximately 930 beds.
The first hotel, with 228 rooms, with a budget of 22.5 million euros, will include a rejuvenation center, spa, indoor pool and hydrotherapy areas. The second, with a capacity of 700 beds, will be developed on an area of ??over 100 acres and will feature 73 swimming pools, themed restaurants, tennis courts and mini-golf, employing up to 200 employees.
The two complexes will share a common biological treatment infrastructure, which makes it possible for them to be built simultaneously.
Residential development and conference tourism
In parallel, the Group is investing in the development of a residential project in the same area, with a total area of ??100,000 sq m, which foresees the creation of 600 tourist residences from 70 to 150 sq m. The residences will be available for sale, with the option of renting and being managed by the hotel, while the settlement will be energy autonomous, thanks to the exploitation of the area’s geothermal field.
Mr. Angelopoulos’ vision for Ilia also includes the development of conference tourism. The new Ilis Congress Center, a 10 million euro investment, is already operating in Olympian Village, with the capacity to accommodate up to 3,000 people. The center has already attracted important events, such as the Panhellenic Dental Congress, contributing to the extension of the tourist season in the region.
The strategic shift and prospects
The Aldemar Group, which under the leadership of Nikos Angelopoulos came to have seven hotel units in Crete and Rhodes, has now limited its portfolio to one region, aiming for integrated tourism development. Following the sales of the units to HIG Capital (Rhodes) and Mitsis Group (Crete), the new orientation focuses on the Western Peloponnese, a “virgin” tourism market with potential for infrastructure development, quality services and sustainable investments.
Aldemar has already invested over 1 million euros to support flights to Araxos, while it has held discussions with Hays Travel, the largest travel network in the United Kingdom, to establish direct air connections.
With a strong capital base, a clear strategy and an emphasis on green, sustainable investments, Aldemar seems to be entering a new era. From Crete and Rhodes to Ilia, the Alexandros Angelopoulos Group is redefining the model of Greek tourism, investing not only in luxury but also in long-term sustainability.
