Thanos Hotels Enters the Greek Market Aiming for 10 Luxury Hotels

A dynamic entry into the Greek luxury hospitality market is being made by the leading Cyprus-based group, Thanos Hotels and Resorts, unveiling a 3-year investment plan aiming to open 10 new hotels. In 2023, the group chose Mykonos to introduce a new hotel concept, the Amyth Hotels. The first hotel began operations in April 2023 in Agios Stefanos, while in May 2024, a new Amyth will open in the popular Super Paradise, within a fully renovated complex consisting of 50 rooms, suites, and villas. Additionally, the group will provide upgraded hotel management services to the Greek market through partnerships with asset owners and existing hoteliers.

Investment Plan for the Greek Ultra-Luxury Market

The entry strategy into the Greek market is multi-faceted and based on three main pillars
Expansion of Amyth Hotels: The group's plan aims to open 10 Amyth Hotels in Greece, following the two initial ones operating in Mykonos (Agios Stefanos and Super Paradise). Management is in intensive discussions with asset owners to expand the network of Amyth Hotels to other Greek locations, aiming to add a combination of well-known, emerging, and new destinations.

Creation of Greek "Anassa"
A significant desire of the Cypriot group is to bring its flagship, Anassa, to Greece, a move that will set new standards for luxury hospitality in the Greek market. The 5-star plus Anassa hotel has been operating in Chrysochous, Paphos, since 1998, earning the title of "Queen of Mediterranean Hotels" rightfully and continues to hold the position of the top resort on the island. Majestic yet effortlessly grand, it invites guests to enjoy Mediterranean hospitality and lifestyle, bringing them into direct contact with the land of the Mediterranean.

B2B with Hotel Management and Consulting
The group will introduce another business unit to Greece, Thanos Hotel Management, targeting both asset owners wishing to convert their property into a hotel and hospitality professionals already owning a hotel who wish to entrust its management to modernize and improve its competitiveness. Leveraging its extensive experience in this field, with its most recent project being the iconic Berengaria hotel in Cyprus, the group is already in the process of seeking and holding discussions with property owners in Greece. Its aim is to strengthen the hospitality landscape in Greece in terms of management and development, fostering mutually beneficial agreements.

Referring to the strategic investment plan for entry into the Greek market, the CEO of the group, Mr. Thanos Michailidis, commented: "After 50 years of activity in the luxury hospitality sector in Cyprus, we evaluated the positive trend of the investment climate in Greece, and therefore, our entry into the Greek market with Amyth in Mykonos at Agios Stefanos is a natural evolution of our business journey. After all, Greece has always been in our hearts."

By reinforcing the dynamics of its entry into Greece and considering the rapidly increasing international investment interest that our country attracts in the ultra-luxury hospitality sector, Thanos Hotels and Resorts group is considering, among other things, the implementation of strategic partnerships to further boost its investment plan in the future. After all, the group already has in its business culture the acquisition of assets with co-investors, and for this reason, the decision to introduce Thanos Hotel Management into the Greek market is of strategic importance.

Who is Thanos Hotels and Resorts Group
The group began its journey in the luxury hospitality sector in Cyprus 50 years ago as a purely family business. It has earned the title of a leading group thanks to significant development over many years with the creation of iconic hotels and resorts that have substantially modernized the Cypriot tourism product. It has also passed on expertise and specialization on a practical level, providing services for property and hotel unit management and development.

Today, the group has a portfolio of 8 5-star plus hotel units: 6 in Cyprus (Anassa, Antasia, Annabelle, Almyra, Berengaria, Amyth of Nicosia), and 2 in Greece, in Mykonos (Amyth of Mykonos Agios Stefanos and Super Paradise). The bed capacity of Thanos Hotels and Resorts exceeds 900 beds (including rooms, suites, villas, and residences) in Cyprus and Greece.

Thanos Hotels and Resorts Group is exclusively of Cypriot interests and is managed by the second generation of the Michaelides family, which took over the reins in 2008 from its founder, Alekos Michaelides. Today, Thanos Michailidis is the CEO of the group, while also holding the position of president of the Pancyprian Hoteliers Association (PASYXE).