Investments to Boost Hotel Sector on Crete

The hotel sector on the islands of Crete will be boosted next year by a number of investments already in process or expected to take place.

According to a report by Greek daily Naftemporiki, it is estimated that in 2018 the bed capacity will be boosted by 5,000.

Crete Governor Stavros Arnaoutakis was recently reported saying that over 5,000 modern 5-star hotels are currently under construction on the island. According to Arnaoutakis, in the next five years the new beds on Crete will reach some 25,000, considering that tourism maintains its good progress.

Among the hotel investments on Crete is the 120-room Nana Princess in Hersonissos of the Karatzis Group. The new hotel will be located next to the company’s 5-star Nana Beach Hotel. The hotel, which will include private pools in almost all rooms, will open its doors in Spring 2018. Additionally, the Karatzis Group is planning to open another 350-room hotel in Ierapetra, Lassithi.

The Hersonissos Group of Hotels Group, which already has seven hotels in the Hersonissos area, as of this summer launched the five-star Abaton Resort of 150 rooms and an estimated budget of 25-30 million euros.

Meanwhile, a new 5-star hotel of 650 beds is under construction at the Madaros area in Rethymno, by Vantaris Hotels.

The Madaros area will also host a new 5-star resort, owned by Pilotos SA, with a capacity of 776 beds in 295 rooms and bungalows. The hotel will be located in Petres, near the settlement of Karoti Municipality of Rethymnon.

In addition, the Mathioulakis Group, which already operates the 5-star “Minoa Palace Resort & Spa” in Platanias, Chania, is investing in a new five-star hotel with a capacity of 690 beds in the area of ​​Skoutelona, ​​Kolimbari.

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