With its hotels in Corfu and Crete at the center of renovations and those in Rhodes picking up speed, Ella Resorts continues to invest in upgrading its hotels, having allocated at least 22 million euros in 2025 for infrastructure and equipment, in a year that marked, among other things, the reopening of Alkyna on the island of the Phaeacians.
The amount arises from payments for facilities, equipment, and other fixed assets of five companies operating six hotels in Rhodes and Corfu, according to the respective financial statements. It does not, however, include expenses for Rocrita in Crete or for the under-development complex in Agia Marina, Attica.
Corfu’s performance
The first year of operation after the completion of the renovation was 2025 for Alkyna, the former La Grotta Verde, in Agios Gordios, Corfu. La Grotta Verde S.A., which operates the leased unit, recorded revenue of 14.62 million euros, compared with just 68.7 thousand euros in 2024, when the hotel was under renovation, according to the company’s financial statements.
The return of visitors brought positive EBITDA of 3.11 million euros, however financing costs and depreciation weighed on the final result, with net losses amounting to 2.94 million euros, down from 4.56 million euros the previous year. Management is targeting profitability in 2026.
This specific company accounts for the largest part of the investment expenditure, namely 14.79 million euros in 2025, after 19.96 million euros in 2024. At the same time, the report mentions repayment of loan obligations after the end of the fiscal year, through the group’s refinancing and with support from the parent company.
As for Capo di Corfu, also on the island of the Phaeacians, in Agios Petros, Lefkimmi, in 2025 it was undergoing full renovation. Hence Capo di Corfu Single-Member S.A. reported zero turnover, compared with 10.23 million euros in 2024, with payments for facilities and equipment amounting to 3.62 million euros.
Net losses reached 4.91 million euros, compared with profits of 669.9 thousand euros in 2024.
Based on the relevant financial report, on 5 February 2026 the board of directors decided to issue a bond loan of up to 120 million euros, maturing on 26 December 2040.
The company, however, had repaid its bank loans in 2025, while still maintaining loan obligations of 30.18 million euros to related companies at year-end.
The Corfu renovation program also includes Pelekas Monastery, the leased five-star unit on Kontogialos beach. The interventions focus on upgrading the rooms, modernizing the common areas, and improving energy efficiency and facilities. Payments for tangible and intangible fixed assets amounted to 2.05 million euros during 2025.
Pelekas Monastery Single-Member S.A. did not report turnover in 2025, compared with 6.68 million euros in 2024, while EBITDA was negative by 380.1 thousand euros, compared with positive EBITDA of 1.44 million euros in 2024. Net losses widened to 2.46 million euros, compared with 489.6 thousand euros the previous year.
The renovation is accompanied by a change of identity and repositioning of the hotel as Ella Elyra. According to Ella Resorts’ official website, the unit is scheduled to open in the summer of 2027 as an adults-only five-star resort.
By contrast, PROHOTEL, the company operating the leased Mon Repos Palace unit, also in Corfu, recorded an improvement in operating performance. Its turnover increased by about 4.2%, to 3.96 million euros, from 3.80 million euros in 2024, while EBITDA rose by about 8.9%, to 1.26 million euros.
Net profits were limited to 78.6 thousand euros, from 102.7 thousand euros, as the positive impact from taxation was smaller. Payments for fixed assets amounted to 164.3 thousand euros.
It is noted that the company has secured the lease of Mon Repos Palace until 2045, with the right of further extension until 2080, under the terms of the relevant agreement.
The picture in Rhodes
A better year was recorded by Tourist Enterprises of the South S.A. (TEN), the company operating Elissa and Helea in Rhodes. Its turnover increased by about 9.8%, to 42.68 million euros, from 38.87 million euros in 2024, while EBITDA strengthened to 14.25 million euros, from 13.26 million euros.
The increase in revenue and the reduction in depreciation contributed to the return to net profits of 757.5 thousand euros, compared with losses of 2.73 million euros in 2024. Financing costs amounted to 5.35 million euros, while payments for facilities, equipment, and intangible fixed assets came to about 1.39 million euros.
For 2026, management mentions repayment of outstanding loan obligations through the group’s refinancing and with support from the parent company. The same report notes that contracts with tour operators for the season have been signed, while the renovation of the hotels and the assumption of their management by Ella have been accompanied by new partnerships.
Rocrita in Crete
In Crete, TALOS Holdings is linked to Rocrita Lifestyle Beach Resort, the former Aldiana in Mochlos, Lasithi, which reopened in 2026 under the management of Ella Resorts.
During 2025, it was decided to extend the timetable so that interventions to the existing facilities and the construction of new ones could be completed, with the start of operations moved to 2026.
As the unit was not yet operating, TALOS reported zero turnover in 2025 and negative EBITDA of 737.5 thousand euros. Net losses widened to 5.93 million euros, from 1.94 million euros in 2024, with financing costs amounting to 2.93 million euros.
The Athenian Riviera
At the same time, Ella Resorts is preparing its entry into the Athenian Riviera, with the conversion of the unfinished hotel property “Ilios” in Agia Marina, Attica, into a luxury resort.
2025 was a milestone year for the project, as construction works began, with the design providing for modern accommodation facilities, dining areas, and additional services. Helios 2, through which the investment is being developed, reported no revenue in 2025, while losses after taxes amounted to 1.1 million euros. Its assets increased to 40.59 million euros, with fixed assets reaching 38.61 million euros.
Increased management expenses
Separate is the picture of Ella Hotels & Resorts S.A., which provides hotel management services. The company recorded revenue of 2.83 million euros, from 2.90 million euros in 2024, while operating expenses before depreciation and impairments increased to 6.14 million euros, from 3.81 million euros. Net losses widened to 4.16 million euros, compared with 1.15 million euros the previous year.
It is noted that the company’s turnover concerns management services and does not represent the total revenues of Ella Resorts’ hotels.