The $50 million acquisition of two hotels in Porto Heli was reportedly part of a scheme of interests for billionaire Irish businessman Paul Richard Coulson. He also purchased the so-called Alexiou Estate of about 300 acres in the area for $50 million, as well as additional land between said estate and Khinitsa, where one of the two newly acquired hotel units is located.

At the same time, he seems to be interested in the very large TAIPED property in the area. However, in the circles of the Greek real estate market, there is a question about the aggressive, as they characterize it, the interest of the entrepreneur in areas that, being off-plan and often characterized to a large extent as forests, cannot be significantly developed without provisions for strategic investments being used in hotels as well. Did he find water in the desert? they ask mockingly, adding that “the mentioned land has been on sale for several decades, but they can’t find buyers, since they can’t build more than two or three acres each.”

However, as for the hotels he bought, these are AKS Hinitsa Bay and AKS Porto Heli, the interests of the family of businessman Konstantinos Siakola. Two apartments are located one on the beach in Porto Heli and the other on the beach of Hinitsa. AKS Hotels began operations in 1998 with the purchase of the 404-bed AKS Porto Heli Hotel, which also has a conference room, and in 2000, the 385-bed AKS Hinitsa Bay Hotel was added to it.

They moved into Irish billionaire Paul Richard Coulson’s interest management scheme and 624 acres of state.

According to Catimerini sourcesPaul Coulson plans to upgrade them to operate as five-star units and is also considering further acquisitions at Porto Heli.

As for the Alexiou estate, which came under his control in early 2022, the businessman is reportedly evaluating the possibility of building luxury holiday homes that will carry a recognizable international brand, such as perhaps the Four Seasons. It remains, of course, to find out how he will be able to master the area, given that although it is large, according to the law, he can build only 200-300 square meters. Real estate sources suggest he will try to capitalize on the opportunities presented by his possible involvement in so-called strategic investments or hotel licensing.

It is noted that Alexiou Estate also has a small, outdated and non-functioning private airport with a 700-meter runway. According to well-informed sources, Paul Coulson is also among those interested in developing the 624-acre TAIPED site in the area, on the Ververonda site. However, construction opportunities in this area are limited and any large-scale development can only be carried out through the preparation of a Special Plan for the Spatial Development of Public Property (ESCHADA). That is, to be urbanized by the Decree of the President. A study conducted a few years ago on behalf of TAIPED called for a maximum total construction of approximately 25,000 square meters of mixed use in two zones: the first of 427.4 acres for tourism use and the second of 200 acres for the development of an airport.