A luxury travel and leisure investment project to be developed on the Greek island of Crete by Minoan Group, is awaiting an official announcement by the country’s highest court in order to go ahead, according to the group’s chairman Christopher Egleton.
Egleton commented that “On the assumption that the reports in the Greek media are correct, the next twelve months are likely to be the most value enhancing in the Group’s history.”
He clarified that despite the economic crisis in Greece, obstructing developments, the group is still keeping a positive outlook for the Itanos Gaia project and noted that its development will not be an easy task due to complex real estate transaction procedures.
The statement was made on occasion of the announcement of the company’s annual results with the following highlights:
- Greek Media has reported the dismissal of the appeals against the Presidential Decree which, if
- confirmed, will be a transformational event for the Group.
- Discussions continue with various potential partners including, inter alia, Hotel Operators, Joint
- Venture Partners, Financiers and Investors to consider the best route for the project to deliver
- maximum value for shareholders.
- Total Group transaction value up by over 11% to £67,820,000 from £60,964,000
- Group gross profits increased by 8% to £7,044,000 from £6,493,000
- The Travel and Leisure delivered EBITDA in excess of £700,000 despite the negative impact of
- Brexit. This has been followed up by a strong start to the current year (commission earned up 16%)
- Group is well positioned to capitalise on the transformational event of securing the Presidential Decree in Greece, when it is confirmed.
The five-star holiday resort named ”Itanos Gaia” is valued at 267 million euros approximately and will be constructed at the Cavo Sidero peninsula, Northeastern Crete, in the prefecture of Lasithi with the aim to become a landmark of sustainable tourism.
According to the Group, the investment includes five hotels with a capacity of 1,936 beds, an 18-hole golf course, a conference hall and wellness center.
It is estimated to create 1,200 permanent jobs as well as another 2,000 for local suppliers.
RELATED TOPICS: Greece, Greek tourism news, Tourism in Greece, Greek islands, Hotels in Greece, Travel to Greece, Greek destinations , Greek travel market, Greek tourism statistics, Greek tourism report
