Navigator begins due diligence and investment advisory for an integrated tourism resort in eastern Crete
Tuesday, 21 February 2017
Today, Navigator Consulting began due diligence and investment advisory for an integrated tourism resort located in north-eastern Crete.
The tourism investment project is located near the historic town of Sitia, and involves development of a 650,000 square meter seafront land plot.
The project foresees the development of a 500-room, mixed use, sustainable tourism resort that includes:
- A 300-room, 5* hotel operated by one of the top 5 hotel operators
- A 200-room, 4* hotel focussing on medical tourism and rehabilitation
- Development of seafront villas on total covered area of 23,000 square meters.
The tourism resort is being developed by an international developer with extensive experience in high-end residential property projects.
Sustainability is a key aspect of operations, and hotel design features energy-efficient construction and equipment.
The total hotel investment project is budgeted at € 175 million.
Crete has seen a strong growth in national and international tourism arrivals. Heraklion Airport saw 6.8 million arrivals in 2016, while Greece as a whole reached 30 million arrivals. There are major investments underway to renovate and expand Chania and Heraklion Airports, as well as the road network linking the coastal towns and cities. A new airport is being planned at Κastelli.
For further information on our tourism investment due diligence services, please contact us.