Grivalia Hospitality: New 250 million euro luxury tourism projects – Moving HQ to Greece

In addition to brain regain in terms of talent, we also have brain regain of companies, with Grivalia Hospitality preparing to move its headquarters from Luxembourg to Greece by the end of the year, while at the same time launching another large investment in the field of luxury tourism.

The new investment plan of the company was mentioned yesterday by Mr. George Chrysikos, founder and chairman of the Board of the company on the occasion of the presentation of the new 5 star ON Residence implemented by the company jointly with Tor Group in Thessaloniki.

Although he did not give details about the area where the project will be developed, Mr. Chrysikos stated that the new investment amounts to 250 million euros, which will be announced within the next 2-3 months. The development is undertaken 100% by the company itself in collaboration with a well-known hotel brand, “equivalent to what to our collaborations to date”, as Mr. Chrysikos typically said.

It should be noted here that the company collaborates with well-known international names of luxury tourism and specifically with One & Only for the revival of the Glyfada Asteria from the first half of 2023, with Aman for the well-known Amanzoe in the Peloponnese that worked at peak capacity even during the health crisis, but also with Mandarin Oriental with which it has signed an agreement for “Project Blue”, the new investment launched by Grivalia Hospitality on Mykonos.

Mykonos and the Football Association

Regarding the Mykonian project of the company in the area of ​​Ano Mera of the “windy isle”, Mr. Chrysikos stated that Grivalia Hospitality is before the submission of a new, reformed file for Project Blue, in order for the project to incorporate the remarks of the Council of State.

It is recalled that Project Blue, an investment totaling 120 million euros, after the relevant decision of the Council of State last year has slowed down, as issues were identified in three key points.

The new dossier to be submitted for the project includes a revised environmental study (taking into account other investments in the wider area so that it is not further burdened), a smaller number of beds, while a third point has to do with widening the entrance.

“Asteria” added building costs

In the first half of 2023, the luxurious Grivalia resort in Asteria Glyfada will be operational, for which, however, the “bill” was revised upwards for the second time.

The last revision for the project with the 115 luxury rooms, the 14 tourist bungalows, the 12 suites, the exhibition space, the spa and the two restaurants was by 20 million euros more expensive to build, due to the increase of the cost of the materials, finally reaching budget of EUR 145 million.

The Piperi of Paros

Another tourist development of the company is in progress, in Paros, which is also completed in the first half of 2023. It is the construction of the hotel “Piperi”, an investment of 15 million euros, which will have 38 “keys”.

The hotel is located at the entrance of Naoussa, surrounded by restaurants and a beach club and overlooks the sea as it is located on the seafront.

The change of headquarters and the departure from Panama

Mr. Chrysikos also referred to the decision of the headquarters of Grivalia Hospitality to come to Greece from Luxembourg, “a signal to the country and abroad that things are changing.” He said that the specific move that is being launched for the end of the year proves a vote of confidence in the Greek market, in which the company is focusing while proceeding with a divestment from the Panama tourism project (65% participation).

Pearl Island in Panama with a six-star hotel, 1,000 homes and a marina, was one of the first projects in the portfolio of Grivalia Hospitality in 2017, from which it is now leaving with a profit.

Portfolio worth 800 million euros

Counting 7 years of presence, Grivalia Hospitality has a strong portfolio with 6 premium hospitality projects under development or in operation with a total value of 450 million euros, which upon completion will exceed 800 million euros.

The company that started as the hotel arm of the former Grivalia Properties AEEAP (the latter was merged three years ago with Eurobank with the banking group’s revenues from real estate reaching 100 million euros) now has as a strategic goal “the upgrading of tourism product of Greece and the further development of the luxury hospitality industry in our country “.