By decision of the Ministry of Development, the start of production operation of the new four-star hotel unit of the company “Ioannis Perros – Commercial and Tourist Enterprises S.A.” with the distinctive title “MAMACITA”, in Sidari, Corfu, was completed and certified.
The investment, which was included in the development law 4399/2016 under the “General Entrepreneurship” regime, concerns the creation of a new hotel with 54 rooms and 124 beds, with a total eligible cost of 2,924,780.93 euros.
The grant amounts to 889,739.64 euros, 31.5% of the total eligible cost, while the company’s own participation amounted to 534,832.38 euros and external financing through a bank loan amounted to 1,399,998.27 euros. The investment was completed on 3 March 2024, with a total eligible cost of 2.82 million euros.
As stated in the decision of the General Directorate of Development Laws and Foreign Direct Investments, the company maintains all the conditions of article 12 of law 4399/2016 and falls under special aid categories. However, due to failure to meet the condition for the creation of at least half of the new graduate jobs during the first year of operation, a penalty of 17,794.79 euros was imposed, i.e. 2% of the amount of the aid.
The balance of the grant, amounting to 559,231.90 euros, was approved for payment after deducting the advance payment and the penalty.
The new unit is expected to further strengthen the tourism potential of Sidari, one of the most popular destinations in northern Corfu, by adding modern tourism infrastructure and new jobs to the area.
