Shares in luxury resort developer Minoan Group plc soared on Monday after it won a long legal battle over its Itanos Gaia project in Crete.
The appeals against the presidential decree that granted land use approval for the project were dismissed by Greece’s highest court and travel and leisure Minoan Group now effectively has been given the green light for the project.
“As a result of the Greek Supreme Court’s decision, the company can now accelerate the development of the project, which will include, inter alia: the continuation of negotiations for joint venture arrangements with hoteliers, investors, partners and other parties…this decision represents the successful culmination of many years of hard work by everyone in the company with the patience and support of the company’s shareholders” noted Christopher Egleton, chairman of Minoan.
It also means the company’s long cooperation with the Foundation Panagia Akrotiriani, the Municipality of Sitia and the local community can continue, he added.
Estimated to be worth 267 million euros, the luxury five-star holiday resort will be erected at the Cavo Sidero peninsula, Northeastern Crete, in the prefecture of Lasithi with the aim of becoming a landmark of sustainable tourism.
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Photo Source: Wikimedia Commons Copyright: Michael W. Pendergrass License: CC-BY-SA
