NEW YORK – Chef Costas Spiliadis and his family-owned $100 million Greek restaurant empire were featured in Forbes on August 1. The article highlighted how Spiliadis expanded the original Milos in Montreal into an iconic New York seafood restaurant, and extended his reach to a total of 10 establishments from Las Vegas to Dubai.
Four more locations, including Palm Beach and Toronto, are nearly ready to open, according to Forbes. In addition to restaurants, Spiliadis owns a boutique hotel in Athens and two yachts available for charter. These ventures are part of his broader diversification into luxury hospitality.
The Milos empire, named after the Greek island Spiliadis frequently visited until it became overly touristy, is now a formidable force in family-owned luxury hospitality. Forbes reported that the business, entirely owned by Spiliadis and his family, generates over $100 million in annual revenue. Unlike many in the industry who rely on external funding to replicate popular restaurant models globally, Spiliadis has opted for organic growth on his own terms.
Speaking to Forbes, Spiliadis explained his growth strategy: “We had a choice of either going the corporate way with a strong central office, or the family model of growth, despite its challenges. The latter might slow down growth, but it helps retain our identity, character, and what we stand for.”
Spiliadis emphasized that using cash flow to open new restaurants is a slower but more secure process. “We control the character of our restaurants. My biggest nightmare would be not recognizing my own soul in one of my restaurants,” he told Forbes.
The journey began in 1965 when Spiliadis, then a teenager, arrived in New York City from Patras with two suitcases filled with clothes and vinyl records to attend New York University. He later transferred to Concordia University in Montreal, where he studied sociology. After graduating, he hosted a daily news show for recent immigrants but eventually opened a restaurant in 1979 with a $30,000 loan from a local bank.
“I had no money, no experience, and no cooking knowledge,” Spiliadis shared with Forbes. “I had to learn how to run a restaurant the hard way in an unforgiving market.”
Spiliadis’ first Montreal restaurant showcased the freshest seafood he could find daily. Displeased with how Greek cuisine was perceived, Spiliadis used his mother’s recipes and imported ingredients from Greece to elevate the culinary experience.
When competitors in New York began copying Milos’ market-style concept, Spiliadis stayed true to his quality instead of lowering prices. Today, New York City is the crown jewel of his empire, spurring global expansion.
To sustain growth, Spiliadis has begun entering license deals and joint ventures, such as those in Los Cabos, Dubai, and Singapore, ensuring he retains control over staffing and sourcing. New ventures include a joint project in West Palm Beach and a self-funded operation in Toronto set to open this fall. Future aspirations include locations in Los Angeles, Tokyo, Paris, Italy, and Mexico City.
Apart from restaurants, Spiliadis has gained success with his two yachts, offering a Milos-level dining experience in the Mediterranean. Charter prices for his larger yacht start at $65,000 per week for up to 10 people, while the smaller vessel rents for $3,500 per day for up to six guests. Spiliadis is contemplating acquiring more boats and possibly adding an island hotel or beach club on Mykonos.
Spiliadis also owns a 24-acre estate in Kythera and envisions launching a luxury cooking school in the island’s restored village of Aroniadika, where he has been harvesting sea salt, honey, and olive oil.
The Milos empire is poised to continue as a family business inherited by his children, George and Evridiki, who oversee business operations and brand management, respectively. Spiliadis still enjoys cooking for his six grandchildren nearly every Sunday from his home in Quebec.
“We intend to keep it as a family business,” Spiliadis affirmed to Forbes.