A large-scale tourist project last week received the green light by the competent Inter-ministerial Committee (DESE) to be integrated into the strategic investments planning, paving the way for renowned brands in the field of luxury tourism and hospitality to enter the Greek market, and more specifically the cosmopolitan island Mykonos.

‘The Mykonos Project’, an investment of 50.85 million euros planned by the Arab group AGC on the island, has been reportedly approached by three internationally-renowned brand names who are interested in participating in the investment.
Ritz Carlton, Six Senses and Four Seasons are included in the file submitted and approved by the Inter-ministerial Strategic Investment Committee last week from AGC’s investment fund, marking the second Arab investment in our country after Astera Vouliagmeni.

In addition to the two hotel units and other sports and auxiliary facilities, the project also includes a marina and a heliport and, as stated in the decision of the DESE, it is expected to create at least 200 seasonal and permanent jobs.
Sources indicate that the investment in Kalo Livadi in Mykonos may be ready to operate in three years, provided the licensing procedures run smoothly.

The dossier-proposal submitted to the Greek authorities includes, according to sources, three big names with which contacts have been made, but no agreement has been reached on the final selection.

Ritz Carlton and Six Senses are the two names that have for a long time been looking to take part in large projects in the Greek market
Ritz Carlton, the flagship hotel chain of the Marriott Group. with 97 hotels and resorts and over 45 residential complexes in 30 countries around the world, has long been looking for the right opportunity to invest in Greece.

Similarly, Six Senses, which has recently joined the IHC (InterContinental Hotels Group) portfolio, has extensive expansion plans that include up to 60 new units over a decade.

The third “heavy” name in the Mykonos Project folder is that of Four Seasons, an expected development, given its collaboration with Asteras Vouliagmenis.