By decision of the Ministry of Development, the completion and start of production of the new five-star hotel unit of the company “Mykonos Crown S.A.”, in the “Garoubenes” location of Mykonos, was certified.
The investment, which was included in the provisions of the development law 4399/2016, under the “New Independent SMEs” regime, concerns the creation of a modern tourist unit with a capacity of 40 rooms and 112 beds. The total eligible cost amounted to 9,423,786.96 euros, while the subsidized cost was 8,086,137.18 euros.
The investment subsidy amounts to 2,267,618.41 euros, representing 28.04% of the total eligible cost, while the institution’s own participation amounted to 1,212,920.58 euros and external bank financing to 4,605,598.19 euros, representing 56.96%. The completion date of the investment was set for 27 November 2024.
According to the decision of the General Directorate of Development Laws and Foreign Direct Investments, a special condition is set for the control of the total number of new jobs and the percentage of graduate employees after one year from the completion of the investment, within the framework of the long-term obligations of the law.
However, a penalty of 45,352.37 euros was imposed, corresponding to 2% of the approved aid, due to the entity’s failure to comply with its obligation to inform the Service of changes in its shareholding structure.
The balance of the grant approved for payment amounts to 748,314.07 euros, after deducting the amount already paid (65% of the total grant) and the penalty.
The new luxury unit is expected to further enhance the high-quality hotel offer of Mykonos, contributing to the upgrading of the island’s tourism product and the strengthening of employment in the island economy.
