Thanos Michaelides announces second Mykonos hotel and plans for 10 units in Greece over next three years

Thanos Hotels & Resorts is expanding its presence in Greece with a second hotel in Mykonos, while also announcing plans for a further 10 units in Greece over the next three years, including a 'Greek Anassa'.

"After five decades of steady growth in the Cypriot market, we decided that the time has come to expand in Greece. It is the right time and the investment climate is very positive," the company’s CEO, Thanos Michaelides, said at a recent press conference in Greece.

Thanos Hotels & Resorts in 2023 introduced the new hotel concept ‘Amyth Hotels’ to the Greek market with a €12 million investment and the opening of the first hotel in the Ayios Stephanos area of Mykonos in April of that year.

At the press conference, it was revealed that, from this May this year, a second hotel, 'Amyth of Mykonos Super Paradise' within the same concept will operate in a completely renovated complex consisting of 50 rooms, suites and villas in the area of ​​Super Paradise in Mykonos. The new venue takes the place of the former Lio venue, at a location which was leased for this purpose. At the same time, the group said it will also be providing the Greek market with upgraded management services through partnerships with property owners and existing hoteliers.

Three pillars of investment in Greece

The company’s investment plan to enter the Greek market’s ultra-luxury market is based on three pillars, Michaelides revealed at the press conference, which includes the opening of 10 new hotels in the next three years with the expansion of Amyth Hotels. Based on initial estimates, the capacity of the new units will correspond to approximately 500 rooms, while there is also tangible interest in Athens’ city centre.

In the longer-term, given that a suitable location will also have to be found, is the plan for the creation of a Greek Anassa, in line with the company’s super-luxury hotel in Cyprus.

The third pillar of development has to do with the part of management and consultancy, where the group will bring Thanos Hotel Management to Greece and which is aimed both at owners who wish to make their property available for use as a hotel, as well as hospitality professionals who already own a hotel. Capitalising on the extensive experience in this field, with the most recent project being the iconic Berengaria hotel in Cyprus, the group is already in the process of meeting owners of corresponding properties in Greece.

According to the management of Thanos Hotels & Resorts, meanwhile, the group is considering, among other things, the implementation of strategic partnerships, strengthening the dynamics of its entry into Greece and taking into account the rapidly growing international investment interest that the country attracts in the ultra-luxury hospitality industry.

Growing portfolio in Cyprus and Greece

As noted by Natasha Michaelides, Director of Corporate Affairs & Communications at the company, currently, the Thanos Hotels & Resorts group has a leading role in Cyprus' tourism scene, operating 10% of the island's 5* hotels.

The company currently has a portfolio of 8 5* star hotel units: 6 in Cyprus (Anassa, Antasia, Annabelle, Almyra, Berengaria, Amyth of Nicosia), and 2 in Greece, in Mykonos (Amyth of Mykonos Ayios Stephanos and Super Paradise). It should be noted that for ‘Amyth’ in Ayios Stephanos, an addition of additional suites is planned by 2026 in a €5 million investment. The capacity of the group's hotels exceeds 900 beds (including rooms, suites, villas and residences) in Cyprus and Greece, while, from September, another ‘Amyth’ is anticipated to be opened in Nicosia.