Grecotel acquires 5 hotel resorts in Mykonos and Corfu

Grecotel Group acquires 5 hotel resorts in Mykonos and Corfu
Grecotel Group acquires 5 hotel resorts in Mykonos and Corfu
*Mykonos Thea

The Daskalantonakis-Grecotel group has acquired five hotel resorts in Mykonos and Corfu for €61 million.

An additional €43 million will be allocated for the modernisation and the expansion of those units, which raises the total amount of Grecotel’s investment plan to €104 million.

The deal was sealed after months of negotiations.

“This business move reflects our confidence in the country’s investment environment and the real potential of tourism as a realistic lever of growth for the Greek countryside,” said Grecotel Group President Nikos Daskalantonakis.

Its new acquisitions are the Mykonos Star and Mykonos Thea (Agios Sostis), and the Nostos, Vassilis and Gelina hotels on Corfu (along with the Hydropolis aquapark).

The hotels (with a total capacity of 1,800 beds) are ready for operation and their addition will create 1,000 jobs.

“The pandemic will pass. Tourism is a human experience and cannot be substituted,” Daskalantonakis added.

“I have always believed that people who love their country will also want its prosperity, so we want to increase the employment of the local workforce, offering added value to our hotels.”

*More on GCT: Greek Monument in the village of Magoulades, Corfu
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