A resolution has been reached between REDEX and the ownership company of the luxury resort One & Only Kea Island—controlled by entrepreneurs Kopelouzos and Kampouridis—putting an end to a period of tensions and legal disputes surrounding this high-profile tourism investment on the island of Kea.
According to the official statement, the company “EIDIKOU SKOPOU EIKOSI TESSERA MONOPROSOPI S.A.,” owner of One & Only Kea Island, and construction firm REDEX have “reached an agreement to settle all outstanding obligations arising from their project contract.” Both parties have committed to implementing the agreement “in a spirit of good faith cooperation and mutual respect.”
Previous Tensions and Property Auctions
This development follows REDEX’s unexpected move several months ago to initiate foreclosure proceedings on 29 plots within the resort, originally designated for the construction of luxury private residences. The auction was scheduled for October 23, 2025. These properties, tied to a debt of €433,584.50, belonged to the resort’s ownership company. The move raised serious concerns about the future of the investment.
Although the debt was relatively minor compared to the overall project budget—estimated at €150 million—the foreclosure underscored a deeper rift between the parties and raised questions about the project’s viability. Complicating matters further, the same properties were already encumbered with three pre-notations in favor of Eurobank totaling €62.3 million.
A Dual-Faceted Project
The One & Only Kea Island project has always had two main components:
The construction and operation of a luxury resort, which began operations in 2024, and
The sale of high-value private residences as part of a Mixed Tourism Development (ΣΤΚ).
Some of these residences have reportedly already been sold. However, the legal dispute risked delaying or even halting further sales.
Kerzner International’s Position
In response to the negative publicity generated by the auctions, Kerzner International—the global hospitality group managing the One & Only brand—issued a public statement in March, distancing itself from the legal issues. The company clarified that it has “no ownership or financial interest in the property” and that “the resort’s operation remains unaffected by these proceedings.”
Kerzner reaffirmed its commitment to luxury hospitality and assured that One & Only Kea Island continues to operate normally with uninterrupted services for its guests.
A New Beginning?
The out-of-court settlement announced yesterday is seen as a positive step toward normalizing the situation surrounding the investment. While it remains unclear whether the agreement includes the suspension of foreclosure procedures or other specific arrangements, the reference to “good faith cooperation and mutual respect” allows room for cautious optimism.
One & Only Kea Island is one of the most ambitious luxury tourism projects in Greece, with a long development and licensing journey dating back to 2013. Restoring trust between the involved parties is essential for completing the project’s deliverables and strengthening the international profile of both the resort and Kea as a premium destination.
