The long-term planning of Grivalia Hospitality includes three new major projects such as those currently in operation or under development. When all already launched projects, i.e. One&Only Aesthesis in Asteria in Glyfada, Voula project, Avantmar in Paros, the flagship complex to be built in Petalios and Project Blue in Mykonos, along with the already operating Amanzoe in Porto Heli, ON Residence in Thessaloniki and Meli Palace in Crete business value , which is currently approaching one billion euros, will be set at one and a half billion. This was stated by Giorgos Chrysikos, President and CEO of Grivalia Hospitality, in an interview with Kathimerini, who states in no uncertain terms that five- and six-star complexes, such as those he owns and develops, have and will have significant prospects in Greece. And that’s because he finds high demand and limited supply of infrastructure for this part of the hospitality market, which is also the one with the biggest multiplier for the economy: high disposable income visitors who leave large sums in the entire tourism ecosystem. According to the head of Grivalia Hospitality, the Paros complex will open as a pilot project in June, Asterias of Glyfada will begin testing in early August, and the Voula project in early 2024. In doing so, he plans to further diversify the portfolio, both geographically and of the international hotel chains he works with, and promises a big surprise for the brand he will be working with at Petalios, which will join the brands Amanzoe (Porto Heli), One & Only (Glyfada) and Mandarin (Mykonos). Only when all the projects currently under development are completed will it be possible to start the three additional ones that Grivalia Hospitality wants. However, the state also needs to do a lot to ensure that Greek tourism reaches its full potential, from improving infrastructure and reducing bureaucracy to updating and modernizing archaeological sites and museums.

“Tourism around the world is growing at double digits. By 2019, Greece was seeing an alarming increase in visits. We have reached 33 million visitors. If not for the pandemic, we would now be talking about 40 million. So there is a demand. But demand from one point onwards requires, in addition to the destination, experience, hospitality, infrastructure, good food, service. Thus, there is a very small pie that is addressed to Grivalia Hospitality, which is an upscale visitor who should also strategically approach Greece. Greece should develop in the part that has the biggest multiplier for its economy. And we move on to the sentence that begins the story of Grivalia Hospitality. Why did we create it? Because we have seen and see important prospects. We saw that strategically we should be active in this part of the high-end client that I mentioned. Despite the fact that we have perhaps the most beautiful place in the world, we did not have 5- and 6-star hotels. This is a niche market that we strongly believe in and want to be the first to invest in and develop it. This is how Grivalia Hospitality was built. In this particular sector, the growth rate is twice that of the tourism average. Close to 20%. But it requires a lot of capital, a lot of time and a lot of hard work. But we feel great satisfaction, because there is a creative part to it and the creation of high-paying jobs.

– Yes. We can do more. By no means too many – selectively. In addition to what we have announced, I mean three more. We want if we can, it’s not easy. It’s not about money, it’s about resources. Team time. And I believe that as leaders and as a team in Greece there is no one better than us. We are in the phase where Paros, Asteria and Voula are completed. What does it mean? Time and people will be freed up to deal with Petalios and Mykonos. If I now insert the other three, what will happen?

We need to use places that have not been used for too many years.

“We have to use places that haven’t been used for too many years. An example is Petalioi and the project we are implementing there. There are too many islands in our country that do nothing badly. We want to have a geographically diversified portfolio. And we also want variance in terms of the global brands we work with. Why; Since these brands have their own clientele, and we don’t want to be limited to just one clientele, we want to have the whole range of high-end clientele.

The business is valued at just under a billion. When projects are completed immediately, they gain more value on the balance sheet. With the projects that we have currently announced, when they are completed we will be talking about a cost of around $1.5 billion. Let me remind you here that we moved our headquarters to Greece – a company worth 1 billion, instead of being in Luxembourg, it is in Greece. This is proof that Greece is “the place to be”. The shareholders are Fairfax, Eurobank, Eurolife and Grivalia.

In the last segment, units on Paros and in Asteria Glyfada

Paros is in its final stages. It will open in June, but before we open it to the public, we will test it. This is a $20 million investment, a significant amount for the size of the island. The model there is small in size to match the island.

– The Blue Mandarin Project in Mykonos caused a conflict with the Council of State. How are things now?

– If you read the decision of the Supreme Court, you will understand that these are things that we cannot do alone. The state must also work. In other words, special zoning for tourism is under consideration. We will relate to what needs to be done on our part. But what will happen to what the state should do? We are running at a speed of 100 km per hour, but the system cannot follow us.

– When will Stars of Glyfada open and what is the final investment amount?

– One&Only Aesthesis is our most challenging project. It is planned that the trial operation of the hotel will begin on August 1, and regular bookings will begin on October 1. If the trials go very well, we have agreed with One & Only to open the booking, possibly also from September. At Asteria we will have 12 suites, 95 bungalows, a complex of 7 signature villas and a presidential villa, villa 1, with 6 other outstanding villas nearby. In addition, there will be 14 more villas on the peninsula of the site. In total, investments amount to about 300 million dollars.

– When will the Vula project be ready and what does it envisage?

– Opening in early 2024. His philosophy is luxury glamping (including luxury camping) with 38 luxury tents. Of the 38, we will have 30 for accommodation and the remaining 8 for other experiences. There will also be a place for sports, tennis courts, restaurants, etc., as well as a breathtaking membership club. We will announce names and branding soon.

– Explain to us, if you like, how you envision the design in Petals and when you think it will be ready.

– Usually, from the moment of issuing a license, if you are ready in everything, you can complete it within two years. However, we expect it will take time before we start as there comes a time in such projects where you need to get involved etc. We will announce shortly who will become the operator, with whom we share a common philosophy and culture, so that create something that is 100% sustainable and respects the principles of euphoria and the environment. The issue of sustainability has been in our DNA since time immemorial. Even in Asteria, for example, the light is directed downwards so as not to heat up the surrounding space. We want the project to work there almost all year round. To keep it open, we want to offer a unique relaxation and wellness experience, so the operator is relevant to this part. So that’s the definition of a flagship project and it’s obviously of strategic importance to the country because imagine if we could use the deserted islands and turn them into destinations.

Attica is the “key”.

“Greece should aim for tourism for twelve months, and not just in the summer. To do this, you need to improve Attica. Athens receives about 7 million visitors annually, and Rome 30 million. The second goal is for those who spend and leave money in the Greek economy – as much as possible. I am by no means saying that we do not need the rest of the tourism. But we need to attract those who have the biggest multiplier in the economy.

– How could Attica attract 30 million visitors?

– The points that will attract this tourist should be modernized if we are talking about museums and archaeological sites, smart, modern tour systems, security, etc. That is, to be able to go to your destination and feel the same as visiting the Louvre. Great successes have been achieved, I am not saying that we are lagging behind. But archaeological sites are still lagging behind: limited visitation, limited opening hours. Further improvements to public infrastructure such as roads and vehicles, which are largely up and running, are also needed. The third thing to do is what we are doing to have a hotel infrastructure that will attract this demand, mainly along the Athenian Riviera.