To strengthen its tourism footprint with investments in Crete and Athens, the Karatzis group is moving ahead, launching new developments in the area of Hersonissos and Anissaras, alongside the upgrade of its existing hotel portfolio and the search for new investment opportunities in the hospitality sector.
At the center of Karatzis S.A.'s planning is the development of the Pantheon Water Park, a new themed water park, with a budget of 16 million euros, near Nana Royal, as well as the extensive renovation of the latter, which was included in the group's portfolio after the acquisition of the former Knossos Royal at the end of 2024.
According to the 2025 financial report, the group proceeded with an extensive program of property purchases and leases in Hersonissos and Anissaras, securing land plots and properties linked to the development of Pantheon Water Park.
The report also refers to an investment in a new hotel complex with a water park in Hersonissos, without specifying whether this concerns the same project or a broader development. In any case, these moves are part of the plan to strengthen the group's tourism infrastructure in the area, where it already has three hotel units.
The new investments
The group's investment program also includes the extensive upgrade of Nana Royal, which is located in Anissaras and is its third privately owned hotel in Crete. This is the former Knossos Royal, with a capacity of 413 rooms, bungalows and suites and 840 beds, which was acquired in December 2024 and operated under the new ownership during the 2025 tourist season.
At the end of last year, an extensive renovation program began, aiming to upgrade the facilities and reposition the unit in the market under the Nana Royal brand, under which it has been operating since 2026. The investment has been included in financing from the Recovery and Resilience Fund, while, according to management, the works are expected to be completed within 2026.
The scale of the Karatzis group's investments in tourism is also reflected in the parent company's financial statements. In particular, additions to assets under construction and advances for fixed assets amounted in 2025 to 26.72 million euros, an amount which, as noted in the relevant report, mainly concerns the renovation of Nana Royal and the new investment in a hotel complex with a water park in Hersonissos.
The strengthening of the group's presence in tourism is not, however, limited to the investments already under way. As stated in the financial report, management is examining new placements in luxury hotels, as well as in city hotels, leaving open the possibility of further expanding its portfolio.
In this direction also falls the group's investment move in Athens. It is recalled that during the summer it acquired a property a short distance from Syntagma Square, which is expected to be converted into a high-specification hotel, as part of an investment of around 80 million euros. The goal is the creation of a unit with a capacity of about 100 rooms, positioned in the ultra-luxury hospitality category.
The hotel portfolio
Today, the group has three privately owned five-star hotels in the Hersonissos area, having had a presence in tourism since the 1980s.
The beginning was made with Nana Beach, which was inaugurated in 1985 and today operates as Nana Golden Beach. The hotel has 500 rooms, bungalows and suites, with a total capacity of 1,400 beds, and was fully renovated in 2020. In 2022, the Nana Sports Center was added to its facilities, with 18 tennis courts.
The group's second hotel, Nana Princess, began operations in June 2018, offering 102 luxury rooms and suites. In 2024, the development of five additional villas on an adjacent property was completed, strengthening the unit's presence in the luxury hospitality market.
With the addition of Nana Royal, the group further expanded its hotel portfolio, acquiring a third large-capacity unit in the same tourist area.
46% jump in sales
As for the group's financial performance in 2025, a significant increase in revenues was recorded in the hotel sector, mainly due to the first full consolidation of Nana Royal in the group's results.
Specifically, sales of the hotel sector amounted to 53.35 million euros, compared with 36.5 million euros in 2024, recording an increase of 46%. The rise of approximately 16.85 million euros was the largest contribution to the increase in consolidated turnover in absolute terms.
For 2026, management forecasts a further strengthening of hotel revenues, relying on the one hand on the higher selling prices of Nana Golden Beach and on the other on the increase in occupancy at Nana Princess, “which is establishing itself as a high-level luxury hotel in the global market,” as characteristically stated.
At group level, turnover amounted in 2025 to 167.91 million euros, compared with 130.69 million euros the previous year, marking an increase of 28.5%.
Even greater was the strengthening of operating profitability, with EBITDA amounting to 52.76 million euros, from 32.18 million euros in 2024, recording an increase of 64%.
Consolidated pre-tax profits amounted to 16.97 million euros, compared with 1.8 million euros the previous year. The significant improvement is mainly attributed to the strengthening of tourism and energy activities, with the latter sector benefiting from the full annual operation of the group's three photovoltaic parks in Thessaly.
At the same time, the group continues to show high borrowing obligations, with net debt amounting to 331 million euros at the end of 2025, compared with 334.84 million euros in 2024. The leverage ratio fell to 68% from 70%, while the total debt to EBITDA ratio improved to 7.74 from 12.57 the previous year.
Outside tourism
Beyond the hotel sector, the Karatzis group is implementing significant investments in energy, while expanding its presence in industry, air transport and technology.
In the energy sector, standing out is the 170 million euro investment for the development of an electricity storage unit with a capacity of 330 MW in Thessaly, through KARMET Energy, in which the group participates with 51% and METLEN with 49%. This was preceded by the completion of three photovoltaic parks with a total capacity of 270.8 MW and a cost of 190.8 million euros.
At the same time, the moves disclosed in the financial report include the decision to establish Karatzis Datacenter, through which the group is planning its entry into the data center sector, and the approval of the signing of a preliminary agreement for the acquisition of a significant participation stake in Tectum Development.
In air transport, Avialeader Handling was established, with aircraft ground handling as its object, while in industry the group acquired the remaining stake in Poland's Pack Leader, gaining full control of it. At the same time, the subsidiary Panellenic, after the incorporation of a third aircraft into its fleet, is examining the acquisition of a fourth, in order to meet the increased demand for private flights.