The Grecotel Group, a leading force in the Greek tourism sector, is implementing a substantial investment plan totaling €1 billion from 2020 to 2030. This strategic move aims to solidify its position in the luxury tourism market and expand its operational footprint both domestically and internationally. The announcement was made yesterday by General Manager Nikos Bousgolis during a press event celebrating Grecotel’s 50th anniversary.
Significant Investments Already Underway
As of today, investments amounting to €350 million have already been realized. Of this sum, €240 million has been allocated towards the modernization and expansion of existing hotel units, while €110 million has been used for the acquisition and development of new properties. This initial phase underscores Grecotel’s commitment to enhancing its current portfolio and preparing for future growth.
According to Mr. Bousgolis, “Our strategy focuses on targeted development in Luxury Resorts, Hotel Real Estate & Branded Residences in 6 top destinations in Greece. At the same time, we are planning our expansion abroad.” He added, “Grecotel is steadily strengthening its operational position with a focus on sustainability, investing in digital transformation, human resource development, and specialized sales systems. In other words, we are building the infrastructure that will shape Grecotel for the next fifty years.”
Strategic Expansion and New Ventures
The Grecotel Group’s strategy is centered on expanding its major developments, creating new units in key locations such as Crete, Corfu, Kos, Peloponnese, and Thrace. The plan also includes the introduction of new luxury hotel brands and an entry into the holiday tourist residence market. This diversification aims to cater to a broader range of high-end travelers and capitalize on emerging trends in the tourism industry.
The development of new units further strengthens the Group’s presence in pivotal destinations, upgrading the overall tourism product and creating new job opportunities. Among other projects, the development of another luxury hotel in the historic center of Athens is planned, the opening of the renovated Grecotel Filoxenia in Kalamata, and the radical renovation of the historic Astir Palace in Alexandroupolis, which is set to open its doors next April. The latter is not only a significant business move but also a conscious strategic national choice to support the border region of Thrace, according to the management.
Strong Financial Performance in 2025
Operating 40 hotels and resorts with 25,000 beds across 15 destinations and 200 dining establishments, the Grecotel Group recorded a strong financial performance in 2025, with a turnover reaching €413 million. Crete and Corfu remain the primary drivers of this growth, generating 57% of the total turnover. The United Kingdom and Germany continue to be the most significant source markets, contributing 44% of the revenues.
Grecotel also owns 4,059 acres of private beachfront land, representing a valuable land bank, while the group’s building facilities cover 502,000 square meters. “This unique land bank gives us the flexibility to invest dynamically and consistently, to upgrade our products, and to ensure the long-term development of the Group,” emphasized Mr. Bousgolis.
Impressive Guest Numbers and Economic Contribution
“94% of our visitors come from abroad,” stated Mr. Bousgolis, adding, “in 2025, Grecotel welcomed 425,300 visitors from 190 countries, of whom 30% are repeat guests, and 343,000 are loyalty members, recording performances that make it a leader in the Greek market. Total overnight stays exceed 2.3 million.”
The total contribution to Greece’s GDP during Grecotel’s 50 years of operation in the Greek market amounts to €2.8 billion. The Group employs 7,500 people, with 80% being Greek nationals, making it the largest employer in Greek tourism. Women constitute 49% of the workforce, and the staff comprises 52 nationalities. Each year, more than 550 internships support the development of new professionals, and 30% of positions are filled by local communities, confirming Grecotel’s long-standing connection with regional development.
A Legacy of Growth and Innovation
The foundation of Grecotel’s success began with its founder, Nikos Daskalantonakis, who established the first hotel, El Greco, in Crete in 1975. The Grecotel brand was officially founded in 1981 through a collaboration between Tui and Nikos Daskalantonakis. Key milestones include the acquisition of the iconic Astir Palace Corfu (Corfu Imperial) in Corfu in 1993, and subsequent expansion to Mykonos, Rhodes, Athens, Eastern Crete, and Kos between 1994 and 2002. The Agreco Farm was created in 1995, and 10 new hotels and resorts opened across Greece in 2004.
In 2013, Grecotel became 100% Greek-owned after Mari Daskalantonakis acquired Tui’s stake. The Luxme Hotels and Resorts brand launched in 2016, and in 2023, the third generation of Grecotel, Odyssea Sifoynaki Daskalantonaki, joined the Group. Also in 2023, The Dolli At Acropolis, a multi-award-winning hotel-maison, opened and was ranked No. 1 in Greece by CONDE NAST. Notably, in 2024, it became the first and only hotel in Greece to receive the PRIX VERSAILLES WORLD AWARD from UNESCO.
Source: https://www.skai.gr/news/business/omilos-grecotel-ependyseis-1-dis-eyro-eos-to-2030
