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Real Estate and hotel investment in Crete. (22.03.16)

The company Minoan Group Plc, an AIM listed Travel and Leisure company with its headquarters in Glasgow, received the final approval of the Greek government to build a five-star luxury resort, in Crete.

The President of the Greek Republic, Prokopis Pavlopoulos, has signed the Presidential Decree, which was published in the Official Gazette, Friday, March 11.



The project - called Itanos Gaia - will be built at the Cavo Sidero peninsula, in the North East Crete, in Lassithi and aims to become a landmark of sustainable architecture in the hotel industry and Crete Real Estate.

The project will include a number of small to medium sized hotels and villas of extremely high standards, both in terms of the service offered and environmental credentials. Less than 2.000 beds will be divided between rooms, suites and studios within the hotels, all in the form of small clusters spread in an area of 25.000 stremmata, fully harmonized in the natural landscape.

The hotel investment in Crete, will exceed € 270.000.000, the luxury holiday resort will include hotels, golf course, marina, convention center, wellness center and other high-end facilities.

According to the company, this Real Estate investment is expected to create 1,200 permanent jobs and another 2,000 for local suppliers.

Minoan Group Plc, had first applied for approval of the investment in 1991, but had to overcome legal obstacles and protests from environmental groups that oppose the project.

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