Grivalia Hospitality is rolling out an ambitious expansion strategy in the ultra-luxury hospitality sector, with an investment program of over 100 million euros, which includes both Amanzoe in the Peloponnese and new projects in Petaliou, Mykonos and Athens. Investments that underline the company’s goal to consolidate its position as a leading “player” in shaping the high-end tourism experience in Greece and the Mediterranean.
Amanzoe: The flagship is getting even bigger
At the heart of Grivalia’s investment plan is the iconic Amanzoe, in Kranidi, Argolida. After the acquisition of the resort in 2018, the value of which has now exceeded 300 million euros (from 80 million at the time of acquisition), the company is proceeding with a new investment cycle totaling over 60 million euros.
The first phase of the investment includes the construction of five ultra-luxury branded villas – the so-called Beach Club Villas – on a private plot next to the existing Amanzoe Beach Club. The villas will have two to three bedrooms, with areas ranging from 650 to 810 sq m., and purchase prices starting from 13 million euros and reaching or exceeding 16.2 million euros. Construction is expected to begin after the 2025 tourist season, with the goal of completion by 2028.
The choice of placement of the villas is interesting, in order to create a new seaside “neighborhood” that enhances – and does not compete with – the existing residences of the complex. The project is accompanied by a provision for the development of quality infrastructure, such as a tennis court, enhancing the overall accommodation experience.
The second phase, with a budget of 30 million euros, foresees the addition of six pavilions (rooms) and two additional villas. Although no timetable has been set, the management leaves open the possibility that the two phases will develop in parallel, depending on demand.
The overall investment plan is part of the Development Law, while the owners of the villas will be able to rent them through the resort, ensuring a return on investment of 2%-4%, i.e., 300,000-400,000 euros per year for a villa worth 10 million euros.
Petalioi, Mykonos, Athens: High-standard investments
Grivalia’s vision is not limited to the Peloponnese. In Petali, one of the most ambitious tourism projects in the country is being developed, the Six Senses Megalonisos, with a budget of over 250 million euros. It is in the environmental consultation phase and is expected to receive the final permit within two years.
In Glyfada, the One&Only Aesthesis is already a reference point on the Athenian Riviera. Although it was partially operational in 2024, the turnover reached 70 million euros. The company chooses not to put the resort’s luxury villas up for sale, despite the increased demand, with prices exceeding 50,000 euros/sq m, proposing the strategic choice of preserving the character of the development.
In Mykonos, the so-called Project Blue is in the licensing phase and is expected to take at least three years until implementation begins. The relevant file has already been submitted to Enterprise Greece for inclusion in the Strategic Investments.
Grivalia also owns Avant Mar in Paros, while its international portfolio also includes Pearl Island in Panama, whose upcoming sale is expected to yield liquidity of 40-45 million euros.
Shareholder composition and management developments
Grivalia Hospitality is 85% owned by Indo-Canadian tycoon Prem Watsa’s Fairfax, 9% by Eurobank, and 6% by Grivalia Management. Its total assets reach 3.5 billion euros, of which 1.3 billion relate to the hospitality portfolio.
The announcement of the new investments coincided with the administrative change at the top of the company: the departure of Natalia Strafti from the position of CEO, just six months after her appointment. Executive Chairman George Chryssikos, in his statements, noted that the departure is related to her desire to follow a new direction outside the group, while he also referred to the support of major shareholder Watsa, who had recently criticized the company for its management of One&Only Aesthesis.
Greece is a leading ultra-luxury destination
Grivalia Hospitality’s strategy is based on the principle of gentle, sustainable, and high-quality tourism development. Its projects, whether located in the Peloponnese, the Greek islands, or the capital, share common characteristics: architectural excellence, integration into the landscape, international operating standards, and added value for the place.
As Mr. Chryssikos stated characteristically:
“We do not seek to reproduce models. Our goal is to create added value, both for the place and for Greek tourism. With Beach Club Villas, we continue to invest strategically in creating hospitality experiences that highlight the authenticity of Greece.”
With an eye on an international audience with high expectations, Grivalia aspires to transform Greece into a global reference point for the experience of discreet luxury.
