For the next 40 years, the Greek tourism group Mantonanakis will own and run the
This week, the group signs a long-term lease agreement with the state-owned and run organization. According to the agreement, the hotel and tourism group will pay an annual fee of 1.03 billion drachmas, or 41.2 billion drachmas for the 40-year lease period.
As well, it will invest 10.7 billion drachmas to immediately modernize the deluxe complex. Another two to six billion drachmas will be spent by the Mantonanakis group over the next decade to enlarge the resort and create a 400-delegate conference center.
Modernization works begin next month when the unit closes for the winter. A leading executive of the group says the first phase of the modernization project will be completed before the resort opens for business in May of next year.
The Mantonanakis group, which owns deluxe hotel units such as the Elounda Bay and Elounda Beach properties, has also bid on the long-term lease for the tourism organization`s Xenia resort hotel at Nafplio. A decision on the unit is expected sometime in October….
For the next 40 years, the Greek tourism group Mantonanakis will own and run the
This week, the group signs a long-term lease agreement with the state-owned and run organization. According to the agreement, the hotel and tourism group will pay an annual fee of 1.03 billion drachmas, or 41.2 billion drachmas for the 40-year lease period.
As well, it will invest 10.7 billion drachmas to immediately modernize the deluxe complex. Another two to six billion drachmas will be spent by the Mantonanakis group over the next decade to enlarge the resort and create a 400-delegate conference center.
Modernization works begin next month when the unit closes for the winter. A leading executive of the group says the first phase of the modernization project will be completed before the resort opens for business in May of next year.
The Mantonanakis group, which owns deluxe hotel units such as the Elounda Bay and Elounda Beach properties, has also bid on the long-term lease for the tourism organization`s Xenia resort hotel at Nafplio. A decision on the unit is expected sometime in October.
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
