Grivalia Hospitality ’s €224 million mega-project in Petalioi is one step closer to becoming a reality following the approval of incentives granted by the Minister of Development, Takis Theodorikakos, to the project’s investment entity, “GH Hotel Hotel and Tourism Single-Member Limited Liability Company.”
The approval, which was published in the Government Gazette, concerns the implementation of the investment plan “Development of a luxury eco-tourism resort and luxury vacation homes on Megalonisos in the Petalia island complex of Euboea,” which has been designated as a strategic project since February 2025.
More specifically, the investment plan involves the creation of a luxury eco-tourism resort with 300 beds and a wellness and recreation center, which will include a hotel facility with 20 luxury villas and 75 rooms, 5 of which will be specially designed to accommodate and host people with disabilities. The project also includes a luxury spa, a gym, boutiques, two restaurants, and a beach club.
Two incentives are attributed to the project, the most significant being the fast- track licensing regime, which provides for the acceleration of the approval, issuance, and amendment of all necessary permits and administrative acts for the implementation of the investment.
At the same time, a zoning incentive is provided through the preparation of a Special Spatial Development Plan for Strategic Investment (ESCHASE) using the “Tourism - Recreation," which allows for the organized development of the ultra-luxury hotel complex in the Petalioi area, without the possibility of creating standalone residences for independent transfer.
It is worth noting that for this specific project, Grivalia Hospitality and Six Senses signed a management agreement, and thus the hotel complex will bear the name “Six Senses Megalonisos,” marking the luxury brand’s entry into Greece.
Financial details
From a financial standpoint, the bulk of the costs relates to general construction work, which exceeds €109 million. Additionally, approximately €37.7 million is allocated to infrastructure projects, energy facilities, desalination, and transportation infrastructure.
Landscaping accounts for nearly €30 million, highlighting the emphasis placed on developing the natural landscape and accompanying high-quality aesthetic facilities.
Regarding the project’s financing structure, 20% of the investment will be covered by equity and 80% by debt financing.
It should be noted that the project falls under the “Strategic Investments 1” category, as it exceeds the €40 million threshold and is accompanied by significant job creation. In fact, as reported, the investment, which will be implemented in the southern part of the island of Megalonisos, in the Petalioi archipelago, is expected to create 300 new Annual Work Units (AWU).
The implementation period for the investment may extend up to 15 years from the publication of the decision, while continuous monitoring and certification of the project’s progress by certified auditors and specialized experts is planned.