Strategic investment of 121.11 million euros by Sbokos and Vassilakis in South Crete

A new luxury tourist complex is to be developed in South Heraklion by the Phāea Resorts group of the sisters Kostantza and Agapi Sbokou and Eftychios Vassilakis (photo). More specifically, the company MYRINA VILLAGE TOURIST AND HOTEL ENTERPRISES SOLE-PERSON S.A. submitted an application to Enterprise Greece for the inclusion of the new investment “PHĀEA– South Crete: Integrated Tourism Development Plan” in the Strategic Investments.

The tourist complex will be developed on a privately owned area of ​​155 acres, in the “Skouros” location of the Municipality of Viannos, in South Heraklion, which is located 40 minutes from the new airport in Kastelli.

Based on the information provided in the application for inclusion in the Strategic Investments, a luxurious, sustainable tourist complex is to be created, which will include a 5-star hotel with 140 rooms, 30 furnished tourist residences, a reception building and a communal swimming pool, dining areas and a wellness & fitness spa, and surrounding areas with gardens for the production of organic products. “The objective of the investment plan is to create a high-quality integrated tourist complex, harmonized with the natural and man-made characteristics of the investment area and in full compliance with international standards for Green Hotels,” it is specifically stated.

The project budget amounts to €121.11 million plus the corresponding VAT and will create at least 83 new Annual Work Units.

The company is requesting the inclusion of the investment in the "Strategic Investment-1" category, as well as the incentives for fast-track licensing, land use, and special beneficial provisions of Law 4864/2021. The public consultation for the project will last until March 17, 2025.

Phāea Resorts' investment moves

The Phāea Resorts group is on a significant expansion trajectory. The Region of Crete recently approved the Blue Palace upgrade plan in Elounda. The investment plan includes the creation of a Complex Tourist Accommodation that will include three 5-star hotel complexes and 44 furnished tourist residences, with a total capacity of 743 beds, including two wellness centers and a spa. The renovated complex will operate from 2026 under the name "Rosewood Blue Palace", under the management of Rosewood Hotels & Resorts.

In Crete Golf Club, the only professional golf course in Crete, the Sbokos family has invested through Golf Residence, attracting high-income visitors. In 2018, EVERGOLF TOURIST INVESTMENTS S.A., owned by Eftychios Vassilakis, acquired a significant stake in Golf Residence, resulting in the departure of Fotis Sbokos, who then proceeded to acquire Agapi Beach Resort.

The Sbokos' family business footprint

The Sbokos family's presence in Crete's tourism began in 1976 when Yannis Sbokos co-founded the Sbokos Hotel Group (SHG). Following corporate restructuring, his daughters, Agapi and Costanza Sbokou, run the Phāea Resorts group, which manages four units: Phaea Blue Palace, Rosewood Blue Palace, Cretan Malia Park, Koutouloufari Village Holiday Club & Village Heights.

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