Grecotel, a prominent Greek hospitality group, is embarking on a new era with an ambitious investment plan totaling €1 billion by 2030. This strategic move, announced at the company’s 50th-anniversary celebration, aims to introduce new hotel units in Greece and internationally, undertake comprehensive renovations of historic properties, and explore new categories and destinations.
A Vision for the Next 50 Years
“For 50 years, we have been creating destinations, experiences, and emotions, connecting deeply with regions we cherish,” stated Mari N. Daskalantonaki, CEO of Grecotel. The investment initiative is supported by strong financial performance, with Grecotel anticipating a turnover of €413 million for 2025 and a presence in 15 prime Greek destinations.
Strong Performance in 2025
With 40 hotels and resorts, 25,000 beds, and 200 dining outlets, Grecotel recorded robust performance across all metrics in 2025. Over 425,300 visitors from 190 countries, with 30% being repeat guests, accounted for 2.314 million overnight stays. The loyalty club boasts 343,000 members. Crete and Corfu remain key revenue drivers, contributing 57% of turnover, while the UK and Germany represent the largest source markets, generating 44% of revenues.
The group employs 7,500 individuals of 52 nationalities, with 80% being Greek and 49% women, solidifying its position as the largest employer in Greek tourism. Over 550 annual internship positions and a 30% recruitment rate from local communities underscore its social commitment.
€1 Billion Investment Program to 2030
Grecotel’s multi-year development and renovation program, valued at €1 billion, extends to 2030. Of this, €350 million has already been invested. The plan encompasses significant new developments in the Peloponnese, Crete, Corfu, Kos, and Thrace, as well as entry into new luxury brands and the holiday home market.
A significant asset for the group is its extensive land bank of 4,059 acres of privately owned beachfront properties across Greece. This land will be progressively developed with investments tailored to each location and planned product.
Grecotel confirmed active exploration of investment opportunities in international markets, both within Europe and beyond. A new international expansion is already underway. “We have specific products in mind and are evaluating multiple locations where they could be placed,” Grecotel executives noted.
New Hotel in Historic Athens Center
Grecotel is strengthening its presence in the capital. The group currently operates The Dolli on Mitropoleos Street and Grecotel Pallas Athena in Kotzia Square. A third hotel in the historic center of Athens will soon be added, as revealed by Ms. Daskalantonaki, who declined to provide further details beyond confirming its alignment with the group’s strategy to enhance urban hospitality.
Renovations: Hotels Changing Categories
The group is undertaking targeted upgrades of existing units based on their specific needs. This includes hotels requiring general improvements, those needing product redefinition, and units that will be completely transformed to cater to new categories.
Two notable examples are the Filoxenia Kalamata and Astir Palace in Alexandroupolis, both undergoing radical, in-operation renovations since last year, set for completion in spring 2026. The Kalamata hotel reduced its rooms from 190 to 165 to enhance spaces, with renovation costs exceeding €15 million.
The Astir Palace will reopen in April as the New Astir Alexandroupoli, featuring 214 rooms, poised to become Grecotel’s new landmark in Thrace. This investment, according to group executives, represents a “conscious strategic national choice to support the border region.”
50 Years of Evolution: From Rethymno to the Pinnacle of Greek Tourism
From its first hotel founded by Nikos Daskalantonakis in Rethymno in 1975, Grecotel has evolved into a group of 80 companies. It boasts a strong presence on major islands and significant mainland regions, with its headquarters firmly established in Crete, holding a leading position in shaping the Greek tourism product.
Today, half a century later, it enters its new era with a landmark investment plan, aiming to upgrade Greek hospitality and eyeing new international markets.
Source: https://www.powergame.gr/akinita/1217864/grecotel-nea-xenodocheia-se-ellada-kai-exoteriko-me-ependysekis-1-dis-eos-to-2030/
