BUSINESS

Government OKs 100 mln euros in hotel subsidies

Deputy Development Minister Notis Mitarakis has approved state subsidies, through a tourism sector investment law, for the development of 16 hotels on the islands of Myconos, Santorini, Crete, Cephalonia and Ios as well as the mainland town of Pylos worth a total of 100 million euros in investments.

These include an investment plan by Myconos SA for four hotel units, all four-star, in Myconos’s Agios Stefanos area. This investment is worth 12.5 million euros and will receive 4.37 million in subsidies.

On Santorini, three three-star hotels to be developed by Santorini Hotel and Tourism Enterprises SA have received approval. Budgeted at 8.1 million euros, the project stands to be subsidized to the tune of 1.2 million.

Also approved was a project entailing the construction of a five-star hotel in Hersonissos, Crete. To be developed by Karantzis Industrial and Hotel Enterprises SA, the hotel is budgeted at 14.3 million euros, with 4.28 million in subsidies.

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