The NOVA Constructions group is embarking on a new cycle of hotel investment, with further expansion of its partnership with Hilton at its heart, as it seeks to strengthen its presence in tourism alongside its construction and property development activities.
The company’s plans centre on developing three new hotels under the DoubleTree by Hilton brand, at a total cost of €66.4m, as well as pursuing further investment in the hotel sector. NOVA Constructions’ vice-chairman and chief executive is Panagiotis Leivadas, a former secretary-general of the Greek National Tourism Organisation (GNTO).
According to the 2025 annual financial report of NOVA Constructions S.A. and the group, which also covers the most significant developments in 2026, the parent company says it has issued new bond loans totalling €89.3m, linked to four investment projects with reported budgets totalling €95.4m.
The largest financing, worth €61.6m, is for the development of three DoubleTree by Hilton hotels, which are expected to involve an investment of €66.4m.
NOVA Constructions also says it has issued two further bond loans, worth €7.2m and €10.9m, to develop two hotels with budgets of €9m and €13.6m respectively.
The plans also include a new hotel investment on Paros, with a budget of €6.4m, for which two bond loans totalling €9.6m are reported to have been issued.
The Hilton partnership
Further strengthening its partnership with Hilton is a key pillar of the NOVA Constructions group’s strategy in the hotel sector. During 2025, the group signed franchise agreements to develop two more hotels in the Faliro area and on Paros.
The partnership expanded in 2026, with new franchise agreements signed for hotels in Elounda and Kallithea, Attica. In the case of Elounda, the financial report specifies that the hotel will have five stars, but does not name the brand under which it will operate.
Meanwhile, Hilton Garden Inn Chania City began operating in late December 2025 through the group’s affiliated company, Green Properties Melakis S.A. A significant part of the group’s investment activity involves projects included in the Recovery and Resilience Facility.
Management says in the relevant financial report that financing agreements with credit institutions have been signed for the group’s hotel projects in Elounda, Kolonos, at 243 Syngrou Avenue and on Paros. Work on these investment projects is already under way, according to the report.
Investment in Paros and expansion into Cyprus
On Paros, the parent company NOVA Constructions acquired 100% of Paros Epitomi Single-Member IKE on 8 April 2026 for €850,000. According to management, the acquisition is part of plans to establish a new hotel on the island.
The group is also developing its hotel business in Cyprus through its subsidiary G.P.D.L. Ltd, which acquired a property in Nicosia.
At the date the financial report was prepared, the project was at the stage of preparing the necessary studies, while in July 2026 it was decided to increase the Cypriot company’s share capital by €2.1m as part of its expansion into the tourism sector.
NOVA Constructions is also pursuing its hotel investments through the establishment of new subsidiaries, each of which manages a separate project under the parent company’s guidance.
The group’s hotel portfolio is also set to include the planned redevelopment of an eight-storey e-EFKA property, the former Ambassadeur hotel.
According to the financial report, NOVA Constructions was named the highest bidder in a tender held in the first quarter of 2026 to secure a long-term lease of the property and convert it into a hotel with at least three stars.
The lease is set to run for 35 years, with an option to extend it by a further ten years. The company aims to open the hotel in the first quarter of 2028.
Performance
The expansion of the hotel business comes as the group’s borrowings rise and EBITDA declines, despite an improvement in net results.
Consolidated revenue for 2025 was €36m, down 8% from €39.15m in 2024, while gross profit increased by 22.4% to €10.14m.
On a consolidated basis, net profit rose by about 71% to €5.98m from €3.50m, with profitability significantly affected by the recognition of €8.87m in gains from the fair-value revaluation of investment property. EBITDA, meanwhile, fell by about 43% to €5.64m from €9.94m in the previous financial year.
On a consolidated balance-sheet basis, the group’s total borrowings, excluding lease liabilities, rose to €64.76m at the end of 2025 from €51.90m a year earlier. Cash and cash equivalents fell to €3.16m from €11.08m.
The group’s total assets stood at €182.38m at the end of 2025, compared with €137.31m in 2024, while equity rose to €48.21m from €31.09m. Total liabilities stood at €134.17m.
KPMG issued a qualified opinion on the company’s and the group’s financial statements because it was unable to assess whether there might be additional tax liabilities and surcharges for the tax years 2020-2025, which have not been audited. No provision has been made for these potential liabilities. In addition, the 2024 consolidated financial statements had not been audited by a statutory auditor.