The Karatzis Group’s entry into Athens is marked by an investment of more than 80 million euros initiated by Antonis Karatzis, chairman and CEO of the eponymous company, to develop a new ultra-luxury hotel in the heart of the Greek capital.
The group’s plan—having recently acquired a property a short distance from Syntagma Square—calls for the renovation of the building, which features elements designated for preservation, and its conversion into a modern, high-end hotel.
The goal is to create a hotel with a capacity of approximately 100 rooms, which will be positioned at the top of the market in the ultra-luxury category. The new property aims to attract guests with particularly high-income profiles, offering services and experiences that meet international standards of ultra-luxury hospitality.
According to reports, the new hotel—which will, in fact, be the Karatzis Group’s first city hotel—will carry the Nana Princess brand, modeled after the Nana Princess Hotel, the company’s flagship property in the hospitality sector, located in Hersonissos.
According to the schedule, work on the property’s renovation will be completed within 12 to 18 months after the licensing process is finalized, which is expected to begin shortly.
The news about the Karatzis Group’s new business venture was first reported by money-tourism.
In addition to the new project, the fully renovated Nana Royal—formerly the Aldemar Knossos—is expected to reopen to guests in the near future in Hersonissos, Crete, following an investment that ultimately totaled around 170 million euros, including the acquisition.
It should be noted that in December 2024, the diversified Karatzis Group acquired the former Aldemar Knossos from Aldemar, which consists of the Knossos Royal and Knossos Villas, with a capacity of 840 beds and 413 rooms, bungalows, and suites, for 80 million euros. The new Nana Royal is the group’s third wholly-owned hotel and is located in the Anissaras area of Hersonissos.
Profile
The Cretan group’s presence in the tourism sector dates back to the early 1980s, with the creation of its first privately owned hotel complex on the island. In 1985, the five-star, all-inclusive Nana Beach in Hersonissos, with a capacity of 1,400 beds, opened its doors. Following an extensive renovation in 2020, the property was repositioned in the market for the 2021 season under the brand name Nana Golden Beach, offering upgraded hospitality services.
In 2018, the company’s second privately owned five-star hotel, the Nana Princess, also in Hersonissos, Heraklion, began operations, featuring 102 luxurious rooms and suites.
Investment in tourism continued with the development of the Nana Sports Center, which was completed in 2022 and includes 18 high-standard tennis courts.
The company’s portfolio was further strengthened in 2024 with the completion of five new villas adjacent to the Nana Princess, and in December of that same year, the company acquired the five-star Knossos Royal in Anissaras, Hersonissos.
In addition to tourism, the Karatzis Group is active in industry, in electricity generation through photovoltaic and wind power plants, as well as in passenger air transport services, consistently investing in the diversification of its portfolio.
On the energy front, the project being jointly implemented by the Karatzis Group and Metlen to develop a large battery energy storage system (BESS) in Thessaly is expected to be completed by the end of the month.