ECONOMY

Canadian investment in ex-Club Med unit on Corfu

At a difficult global juncture, the Canadian-interest hotel chain Fairmont has decided to invest in the Greek market for the first time. Fairmont representatives signed a contract in Athens on Tuesday for the operation of the former Club Med hotel complex in Corfu. The complex was the first that the Club Med corporation opened outside France – in 1953 – as well as the first in Corfu and one of the first in Greece to open under an international brand name. Its Russian owners had sought an international chain to operate the complex; its business plan provides for an investment of 60 million euros to enable the hotel to operate again in 2012-2013. The aim of the owners and the operating company will be to make optimum use of Fairmont’s international sales channels and attract Russian tourists.