Grivalia Hospitality: Prepares investments, moves its headquarters to Greece

of Eleni Botas

New investment projects and the transfer of the company’s headquarters from Luxembourg to Greece, are planned by the management of Grivalia Hospitality.

As George Chrysikos, Founder and Chairman of the Board of Grivalia Hospitality, stated yesterday during the presentation of the new 5-star boutique hotel on the beach of Thessaloniki, the transfer of the company’s headquarters will take place at the end of the year and is a sign that things are changing in Greece.

Regarding the new investments, Mr. Chrysikos stressed that the company in its portfolio has under development or operation 6 premium hospitality projects worth 450 million euros, which upon completion will exceed 800 million euros.

In addition to ON Residence, within this year is expected the completion of the development launched by the company in Naoussa, Paros for the operation of luxury accommodation, while the portfolio of Grivalia Hospitality includes, among others, the luxurious Amanzoe in Porto Heli, the Meli Palace in Crete in first hotel in operation that was included in its investment portfolio as well as Asteria Glyfada.

In fact, in the first half of 2023, One & Only Aesthesis is expected to operate, one of the best and most anticipated city resorts in the world, which will turn the Athenian Riviera into a top destination for luxury hospitality internationally.

At the same time, as revealed by Mr. Chrysikos, in the next 2-3 months he will announce a large investment of 250 million euros.

Also regarding the investment in Mykonos, the so-called Project Blue is involved although this investment was included in the strategic investments in 2019 by the Interministerial Committee.

In the area of ​​approximately 100 acres, it is planned to develop a 5-star hotel facility with spa infrastructure, with a total capacity of 340 beds.

The problem of the rise of building materials is big

As Mr. Chrysikos mentioned, the problem of the increase of the building materials is big, with the result that there is an excess of the budget of the projects but also an extension in the time of their completion.

No one can predict the cost and time of completion of an investment, he said.

Indicative of the large increases is that the project in Asteria Glyfada from 115 million euros, its budget has reached 143 million euros. The same happened with Olympus Naoussa, which from 16 million euros, its final cost amounted to 20 million euros.

According to the same concern, it raises the possibility of rising money costs amid inflationary pressures, while as he admitted, the whole situation has pushed down the returns on investments.

However, he expressed the view that tourism will go very well in the coming years. “We compare everything with 2019. Arrivals then were 32 million. This growth trend was obviously reversed. But when we see investments in the long-term area, then we can approach 35 and 40 million tourists,” he said.

ON Residence: The investment of 20 million euros has been completed

On April 29, ON Residence will start operating, the new 5-star boutique hotel of the partnership between Grivalia Hospitality and the TOR Hotel Group on the beach of Thessaloniki, which is expected to redefine the standards of luxury hospitality domestically and internationally. upgrading the tourist market of northern Greece.

The luxury boutique hotel overlooking Thermaikos, is located a few meters away from Aristotelous Square and took its name from the historic restaurant “Olympus Naoussa”.

The total investment of the hotel reached 20 million euros.

ON Residence consists of 7 floors, 60 rooms of wonderful design, the historic restaurant “Olympus Naoussa”, the cocktail bar Tiger Loop, indoor green courtyard, modern gym, but also a specially designed space for business meetings and events.

For the reconstruction of this historic partially preserved building, modernization and expansion works were carried out, as well as maintenance and reproduction works of its special decorative and architectural elements, according to the suggestions of the Ephorate of Modern Monuments and Technical Works of the Ministry of Culture and Sports. stages.

In addition, it is noted that during the works a total of 350 people were employed, while for the operational needs of the hotel 67 new permanent jobs were created.

It is recalled that the specific property passed into the ownership of the two companies for 5.46 million euros in 2017, after a relevant tender in which Grivalia Hospitality (65%) and TOR Hotel Group (35%) participated jointly.

Source: Capital

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