Six 5 and 4 star hotel investments fall under Development Law provisions for aid

Recently, 4 five-star hotels, 2 4-star hotels and one 3-star hotel (for renovation) were added to the Development Law.

According to the relevant decisions of the general directorate of Development Laws and Direct Foreign Investments of the Ministry of Development and Investments published in government portal diavgeia.gr, in the last few days, the investment plans of WHG in Sounio, of HERMIS in Santorini and of EASTMED REAL ESTATE 3 in Loutraki, were included in the General Entrepreneurship support scheme (the last, for the modernization of an integrated hotel unit), while the investment projects of ELEGANT AVATON RESORT in Naxos, LOVIN GREECE in Loutraki, THE ATOMIUM in Volos and KARNAGIOS SERIFOU in Serifos were included in the Entrepreneurship support scheme for Very Small and Small Businesses.

Specifically, the investment plan of the company “WHG SOUNIO MANAGEMENT S.A.” was approved to be included in the provisions of law 4399/2016, and in particular in the General Entrepreneurship support regime of articles 37 to 41 thereof (7th cycle), which refers to the establishment of a five-star (5*) hotel unit, with a capacity of 179 rooms/406 beds, in the Punta Zeza area of ​​Sounio, with a total eligible cost equal to 14,231,824.17 euros and the amount of aid in the form of tax exemption at 1,423,182.42 euros.

Investment plans

The investment plan of the company “HERMIS MONOPROSOPI PRIVATE CAPITAL COMPANY” is subject to the provisions of law 4399/2016 and in particular to the support regime for General Entrepreneurship of articles 37 to 41 thereof (6th Cycle). The investment plan refers to the establishment of a category 5* hotel unit, with a capacity of 20 rooms/79 beds in Bouloufardes, Thira, with a total eligible cost equal to 6,584,460.65 euros and the amount of aid in the form of tax exemption at 1,316,892.13 euro.

Regarding the investment plan of “ELEGANT AVATON RESORT HOTEL TOURISM ENTERPRISES LIMITED” was approved as subject to the provisions of law 4399/2016, and in particular to the support regime for the Entrepreneurship of Very Small and Small Businesses of articles 59 to 61 thereof (5th Cycle). The investment plan refers to the establishment of a category 5* hotel unit, with a capacity of 49 rooms/100 beds, at Kamari Kampou Aliko, Naxos, with a total eligible cost equal to 5,978,092.84 euros and the amount of aid in the form of a grant amounting to 1,673 .866 euros.

The investment plan of the company “LOVIN GREECE MONOPROSSOPI I.K. Eh.” was also approved that  which refers to the establishment of a 5-star hotel unit, with a capacity of 34 rooms/68 beds, in the Pefkaki location of the Municipal Unit of Loutraki – Perachora, with a total eligible cost equal to 3,798,731 euros and a total supported cost equal to 3,686,492. 60 euros. The amount of aid in the form of the grant amounts to 1,419,299.65 euros.

Strengthening small and medium enterprises

The investment plan of “THE ATOMIUM MONOPROSSOPI I.K.E.” was included in the provisions of law 4399/2016, and in particular in the regime for supporting the Entrepreneurship of Very Small and Small Businesses of articles 59 to 61 thereof (5th Cycle), which refers to the establishment of a category 4* hotel unit, with a capacity of 38 rooms/76 beds, at Aristotelous Street no. 85, in Volos, with a total eligible cost equal to 3,060,000 euros and a total subsidized cost equal to 3,060,000 euros and the amount of aid in the form of the grant amounting to 1,176,350 euros.

The investment plan of the company “KARNAGIO SERIFOU HOTEL TOURISM S.A.” falls under the regime for supporting the Entrepreneurship of Very Small and Small Businesses of articles 59 to 61 of Law 4399/2016 (4th Cycle) and concerns the establishment of a hotel unit, category 4*, with a capacity of 37 rooms/87 beds”, in Serifos, with a total eligible cost equal to 4,664,239.64 euros and total supported cost equal to 4,482,783.42 euros. The amount of aid in the form of the grant amounts to 1,795,613.37 euros.

Finally, the inclusion in the investment plan of the company “EASTMED REAL ESTATE 3 MONOPROSSOPI S.A.” under the provisions of law 4399/2016, and in particular under the General Entrepreneurship support regime of articles 37 to 41 thereof (7th cycle), was approved, which refers to the modernization of a three-star (3*) hotel unit, with a capacity of 41 rooms/94 beds”, on Ethnikis Antistaseos St. of Loutraki, total eligible cost of 3,500,436 euros with the investment project being granted aid in the form of tax exemption of 1,225,152.60 euros.