One of the largest tourism investments planned in recent years in Argolida now appears to be entering the implementation stage. The project, known as Scarlet Beach, has a total budget of more than €201.15 million and involves the construction and operation of a 5-star Integrated Tourist Complex (ITC) in the Petrothalassa area of the Municipality of Ermionida, as well as the development of luxury residences for sale.
The investment belongs to the company “SCARLET BEACH – HOTEL AND TOURIST ENTERPRISES SINGLE MEMBER S.A.” (“SCARLET BEACH”), owned by businessman Tahnoun bin Zayed Al Nahyan from the United Arab Emirates, a member of the royal family. It was officially designated a Strategic Investment in 2024. Recently, a Presidential Decree (12/07/2025) approved the Special Plan for Spatial Development of Strategic Investments (ESCHASE), while the Environmental Impact Study (EIS) has been placed under public consultation until October 9, 2025.
Project profile
The complex will be built on a seaside property with a total area of 217,518 sq.m., after excluding sections related to watercourses and the beach zone from the original plot of 234,686.46 sq.m.
The hotel will be five-star, operating under the Waldorf Astoria Hotels & Resorts brand, and will have a capacity of 388 beds. Additionally, there will be 9 branded residences within the complex and 6 luxury villas located north of the hotel in a specially designed area, to be sold and managed commercially.
The total built-up area will be limited to 26,102.16 sq.m., with 60% (15,661.29 sq.m.) allocated to the main tourist accommodation and the remaining 40% (10,440.87 sq.m.) to Furnished Tourist Residences (FTR).
The project will include:
Conference center
Wellness and spa center
Gym
Dining and leisure areas
Specialized facilities for children (play area)
Tourist marina capable of hosting up to 13 vessels of up to 40 meters in length
Architectural design and functionality
The buildings will be one or two stories high, adapted to the natural terrain and sun orientation to create sheltered outdoor areas and maximize views of the landscape.
The hotel’s main core will be in the central part of the property, while the tourist residences will be placed in the northern and southern sections with lower building density. Internal circulation will link all facilities while ensuring organized resource management for water, energy, and waste.
Environmental approach
The investment plan integrates principles of sustainability and energy autonomy, including:
LEED Gold certification
Installation of a desalination unit using seawater
Reuse of treated water for irrigation
Selection of low-water-demand plants
Shading systems and natural ventilation
Low-emission glazing and thermally insulated frames
The design philosophy aims to minimize the energy footprint, incorporating renewable energy sources and resource-saving technologies.
Location
The investment will be developed along the Petrothalassa coastline, in Kranidi Bay, about 1.5 km from the settlement, 7 km south of Kranidi, and 77 km southeast of Nafplio. The location combines natural beauty with easy access and is close to cosmopolitan Porto Heli.
Financial details
The total project budget is €201.159 million, broken down as follows:
€162 million for buildings and facilities
€16 million for equipment and furnishings
€4.5 million for studies, permits, and project management
€18 million for contingency expenses
The tourist marina infrastructure is not included in these amounts and is expected to be a separate project.
With the completion of the public consultation on the EIS and the necessary permits, Scarlet Beach is entering the final stretch before construction begins.
