Two strategic investments by Greece in the field of tourism enter the implementation track, as noted during the group’s annual general meeting. The redevelopment of Marina Alimos, a project-migration project for the Attica coastal zone, and the transformation of the Civitel Hotel into “The Fiction” mark the shift of Greece to the exploitation of real estate and tourism services.
Alimos Marina Restoration: A project of 100m euros
Group’s chief executive, Efthimios Bouloutas, announced that the necessary building permits for the full development of Alimos Marina is expected in 2025. Construction work, with a budget of € 100 million, will start immediately afterwards and is projected to take 20 months.
Hellktor, through its subsidiary REDS, has secured since 2020 (through an HRIPD competition) the rights of the marina for 40 years, with the possibility of extending for another ten. The total price paid to the State amounts to € 57.5 million (€ 30 million directly and 27.5 million over time), while Reds as a manufacturer will receive € 48.3 million for the execution of the projects.
The redevelopment will transform Marina Alimos into one of the most modern Mediterranean tourist marinas, with the possibility of mooring 979 vessels: 873 recreation, 95 naval, and 11 fishing. At the same time, a model tourist destination will be created with intense cultural and recreational characteristics.
Land zone of 210,000 sq m. With tourist, cultural, and commercial use
The project utilizes the 210,000 sqm land area, with the possibility of building 18,500 sq.m. Designs include:
Construction of a hotel on the west side of Marina (next to Eden Beach),
Creation of office and shops along Poseidon Avenue,
Refreshments and restaurants in the central pier,
Maintenance and upgrading of the existing swimming pool,
Installation of the Nautical Club on the east side, near the coastal Alimos Park,
Extended green spaces, bike lanes, and hiking routes,
Planting of rooms and urban integration of buildings into the city’s urban fabric.
Access to the Marina will be easy and multimodal, through a car, tram (with a stop at the entrance), as well as many bus routes connecting the area with Athens, Piraeus, and the southern suburbs.
Hotel “The Fiction”: Reassignment of Hosting Market
Reds signed a 25-year lease contract for the hotel named Civitel in 2024. The hotel is already renovated and renamed “The Fiction”, with a completion horizon in September 2025. The aim is to create a new urban hospitality experience aimed at both leisure tourism and the capital’s professional tourism.
In addition, Greece’s entry into the field of tourism services was confirmed by the acquisition of Athens Properties (100%) for € 80 million. The company has ten properties in downtown Athens operating as Serviced Apartments.
New strategic profile for the group
The General Assembly also approved the agreement of the sale of Aktor concessions to a total Enterprise Value of 367m euros, as part of the Group’s strategic reassignment of the real estate and infrastructure. Mr Bouloutas emphasized that Greece is now systematically investing in the creation of infrastructure associated with high-value-added tourist and urban functions.
The transformation of Alimos Marina and the restart of Civitel as “The Fiction” confirm Greece’s intention to take advantage of the strong investment interest in tourist assets, creating new infrastructure that combines sustainability, culture, and urban redevelopment.
