Goldman Sachs will be investing a total of €108 million to build a luxury resort with a capacity of over 1,000 rooms, which will include hotel facilities, independent apartments – bungalows, in the hotel complex in Halkidiki, formerly owned by the Grigoriadis group, which passed into the ownership of funds associated with the US investment bank.

The investment (approximately €107,65 million) file was submitted to Enterprise Greece in November of last year.

Based on the proposal for consultation in the organisation of Enterprise Greece, the project by “Tourist Organizations of Greece S.A.” concerns the upgrading of existing hotels to the 5-star category, with the investment entity requesting the inclusion of the investment project under the provisions of Law 4864/2021 on strategic investments for an incentive of tax exemption and rapid licensing.

The goal of the project is the renovation of the existing hotel complex in Kallithea, Kassandra in the Halkidiki municipality. As stated, the investment to be evaluated, with a budget of 107.65 million euros, is expected to employ more than 500 workers per year (full-time and part-time).

The investment covers a complex extending over an area of ​​158 acres, has 850 meters of beach frontage, and consists of three existing hotel units: It is the 4* Pallini Beach, which was built in 1972 and last renovated before 2000, also the 4* Athos Palace, which was built in 1976 and renovated in 2005, the 5* Theophano Imperial Palace, which was also built in 1976 and most recently renovated in 2010, as well as bungalows and other facilities, namely restaurants, bars, swimming pools, conference rooms, tourist shops, sports facilities, water sports, parking spaces, storage areas, etc.

The total surface to be built is approximately 69,000 sq.m. The company’s proposed remodeling plan aims to fully upgrade all existing hotel units. The aim is to create “a single, functionally ultra-modern, high-standard tourist resort, consisting of 5* luxury hotel units, independent luxury apartments (bungalows) and integrated catering, spa, and entertainment services”, as its plans state.

In terms of capacity, the new resort will have over 1,000 rooms, while in the 20-acre forest area, on the northeast side of the complex, the investment plan provides for parks and recreation areas, a place of worship, an amphitheater, and a playground.

As provided in the investment plan, the project will meet all energy standards and sustainable development practices, while the goal is to contribute to the strengthening of the local economy. The acquisition of the three hotels of the Grigoriadis group last year in the fall took place as part of a more general investment plan by Goldman Sachs in Greece, in the medium-term horizon in the tourism real estate industry.