How a small island in the Ionian Sea attracted two major hotel investments

A small island in the Ionian Sea attracted two significant hotel investments.

The historic Ithaca is located between the popular island of Lefkada and the cosmopolitan Kefalonia island.

Recently, two major investments in 5-star hotels have begun to take shape on the island. They aim to upgrade Ithaca’s tourism product while, as claimed, respecting the environment and minimizing disruption.

Project #1

A new strategic investment is underway in Ithaca, with plans for a luxury hotel and marina.

The investment proposal from Atokos Private Company Limited has been submitted to Enterprise Greece and will remain open for public consultation until October 31, 2024.

The proposed project, titled “Construction and Operation of a Luxury Tourism Unit in the Filiatro Area of Ithaca” and named “Epic_O,” includes the development of a hotel complex, luxury residences, business facilities, and a tourist marina. This will cover an area of 326,833.59 square meters within a more extensive private plot of 873,647.17 square meters in the Filiatro region.

The aim is to combine high-standard tourism development with the protection of the local ecosystem and promote Ithaca’s historical and cultural identity.

The total estimated investment is €85.45 million.

The investor has requested the project’s inclusion under Law 4864/2021 as a Strategic Investment in Category “Strategic Investments 1” (Article 2, Paragraph 1, Case (aa)). They are also seeking incentives for zoning (Article 7), fast-track licensing (Article 9), and the granting of shoreline and beach usage rights (Article 5) under the same law.

Project #2

Shortly after the Filiatro project entered the public consultation phase via Enterprise Greece, another significant hotel investment began its consultation phase.

The new development concerns a plot of 892.000 square meters in the island’s Poros – Agios Andreas area.

A few days ago, the Ministry of Environment and Energy launched a 30-day public consultation for the Special Urban Planning Study (EΠΣ) through a Strategic Environmental Impact Study (ΣΜΠΕ).

The investment is spearheaded by Dimitrios Argyropoulos.

The property is located in the southern part of Ithaca, in the municipal community of Ithaca, specifically in the “Poros – Agios Andreas” area, east of the Molos Gulf.

The proposed EΠΣ aims to create an organized tourism development hub with regional and international appeal. This involves a high-standard, environmentally integrated, and low-impact tourism complex harmonized with the island’s natural and cultural landscape.

The area is primarily designated for “Tourism – Recreation” uses.