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Golf courses, golf resorts and master-planned residential communities in Greece Without golf, Greece is 'handicapped'...
Golf swings into play in Greece
Major golf resort, residential and master-planned communities are getting underway in Greece...
Speaker's corner "We would like to have over 20 golf resorts in place within the next five years. We're making the process of getting licences and permits easier and we’re accelerating several specific projects that hit bureaucratic obstacles." -- Peter Doukas, Greece's Deputy Minister of Economy and Finance, and President of the Hellenic Golf Federation. An ardent golfer, he says that in the past year, almost 40 Greek and international investor groups have submitted proposals to build golf resorts (Financial Times, June 21, 2005); asked how he would describe the potential for investment and growth in Greece, "In a word, tremendous, and I believe we are at the beginning of a serious phase of investment. Probably the best business paradigm for golf development is one where an investment in a course is combined with a real estate project such as homes, hotels or apartments. Golf is perhaps the ideal vehicle to combine the expertise of foreign investors with the local experience of domestic partners." "It is inexcusable for a country like ours with an exceptional climate, a rich culture and varied inland scenery to have a tourism period of four or five months. Our goal is for Greece to be a destination all 12 months. We can achieve this by attracting high-income tourists who can afford much more than the sea-sun-sights combination, and we can offer that." -- Dimitris Avramopoulos, Tourism Development Minister, Greece; he and other senior officials or businessmen in the tourism industry believe that a largely untapped potential for development exists in integrated resort complexes, combining health tourism (thalassotherapy, spas, beauty parlours, rehabilitation facilities), conference centres, marinas, residential tourism (real estate sales or leases, including group retirement schemes), casinos and golf courses "We are pretty confident that the new government in Greece is keen to encourage inward investment and will give us a fair hearing when it comes to deciding on environmental permitting and planning permission for the scheme" -- Christopher Egleton, Chairman, Minoan Group PLC, United Kingdom (Daily Telegraph, June 19, 2005), developers of the Cavo Sidero resort complex on the island of Crete; valued at EUR 1.2 billion, the investment will be the largest single tourism project ever undertaken in Greece. In an interview with ELKE, Egleton said: "For tourism, quite frankly, Greece has everything. The Greek people are the most hospitable in Europe, the food is great, and Crete has the longest European summer. And because Greece is the foundation of Western Civilisation, we are innately tied to its culture." "If you are careful, the golf course and its surroundings can help conserve windflower varieties and insect life that would disappear if the site was used for grazing or cultivation." -- Mark Potiriadis, a Maroussi, Athens-based architect who is currently in the process of developing an 18-hole golf course with residential housing on a 60-hectare site at Kilada Hills in the Eastern Peloponnese (Financial Times, June 21, 2005) "We want to respect the land. It is not just being sensitive, I believe it is also good marketing and sound business, because that is what our guests will want too." -- Achilles Constantakopoulos, Managing Director, T.E.MES. SA, which is developing Navarino Resorts, a vast tourism and golf resort in the Messinia region; after many years of patient planning, the group hopes to open the tourism and leisure project in 2008 "Why did I invest in Greece? Because I love Greece, it will be the most important market for golf tourism in the Mediterranean area in the next ten years. Our project includes two golf courses, a five-star luxury hotel, bungalows, a conference centre, health spa and marina." -- Johann P. Bachmann, CEO, Swiss Golf Invest AG, developers of the 27-hole Golf of Zante golf resort on the isle of Zakynthos "Golf travellers want half dozen top class courses within a couple of hours' drive from a tourist centre. If Greece can build several clusters of courses, it has the scenery and climate to become a world-class golf destination." -- Roddy Carr, Vice President, Director of Tourism, IMG Consulting; former Irish international golfer (Financial Times, June 21, 2005) "Crete is blessed with stunning landscapes, unique environment and natural beauty, hospitable people and rich history, mythology and culture. These are excellent ingredients for developing quality tourism with upscale resorts of unique character that could help Crete to stand out and be placed on the top of the list of quality tourist destinations in the world, attracting high-income level clientele from around the globe. With the above in mind, Emerald has secured, on the south coast of Crete, a charismatic piece of land -- 160 hectares -- on one of the best beaches of Greece, where it is planning an integrated quality resort of exemplary high standards. With an investment of over EUR 310 million, the resort will consist of two 5-star luxury hotels, two spa facilities, a conference centre, an athletic centre, a village hub, etc. and substantial luxury real estate." -- Photos Ja. Photiades, Chairman, Emerald Developments SA and the Photos Photiades Group of Companies, Cyprus
"As we all know, in a country like Greece where golf is not played, the success of a golf club is directly associated to having other amenities directly associated with it. A golf resort with a 5-star hotel is required to be interlinked with a well-planned and designed residential development as well as other attractions that will make golf viable in Greece." --
Napoleon Tsanis, Chairman, Albatross Developments & Investments, a Greek-Australian company that has focused on golf developments in Greece, and is currently managing the development of a new golf and residential development in Margariti, near
Igoumenitsa in the Prefecture of Thesprotia "You can't have high-quality, year-round tourism in Greece without huge investments in golf courses with sprawling luxury villa resorts around them. But for such multi-million investment projects to materialise, we need bolder subsidies and a different land-use legislation than the ones that usually hinder such business initiatives in Greece." -- Dr. Michael Vranas, a lawyer and hotelier by profession; Chairman, The Crete Golf Club; co-owner of Robinson Club - Lyttos Beach, Greece; he has been the visionary moving force in opening the way for The Crete Golf Club in Hersonissos and the new era of golf development in Greece 'The Challenge of Golf Development in Greece': "There is definite growth potential for business both to Thessaloniki and Greece [...]. The Olympic Games have pushed Greece more firmly into the limelight. This has enhanced existing public awareness of the charms and beauty of the country, broadening its appeal to all..." -- Reto Wittwer, President & Chief Executive Officer, Kempinski Hotels & Resorts 'Changing Greece's Planning Laws to Facilitate Real Estate
Investments Associated with Golf and Tourist Accommodation': "The bureaucracy of the Greek system is as difficult if not more difficult than any place else in Europe... Golf is a tourism driver, year-round tourism... Many Greeks don't see yet the mutual benefit of having several courses near each other. They need to bring in business, need infrastructure, like bars, restaurants, hotels. When we were building the Crete course in the winter, I couldn't find breakfast anywhere. In Portugal, the pubs and clubs are open in December." -- R.A. Hunt, PGA Design Consulting, United Kingdom; PGADC designed the brand-new Crete Golf Club in Hersonissos, the island's first 18-hole, par-72 course and one of the only desert-style courses in Europe, featuring misty mountain horizons and even olive trees as hazards [read the full article in Insider Athens - October 2003...] "We are all very enthusiastic about the composition of our new board of directors. We are setting ambitious goals concerning the development of golf in Greece and the elevated performance of our national squads." -- Peter G. Doukas, President, Hellenic Golf Federation and Deputy Minister of Foreign Affairs, Greece, commenting the new Board of Directors of the Hellenic Golf Federation, which was voted in on December 15, 2004 "In 2005, other projects will come into focus and golf development may finally gain some momentum... A mini-boom for golf might occur in 2006 and 2007." -- Tom Johnson, Tom Johnson Golf Design, a U.S.-based international firm specialised in golf course architecture with two Greece-based projects currently on the drawing board [read the full article in Insider Athens - October 2003...] Teeing off in Greece': "Greece needs to build on the positive impact from the Olympic Games and rebrand itself from a sea and beach resort. Promotion strategies need to be developed in order to showcase Greece's comparative advantages as a tourist destination, inter alia, targeting the crucial US market as well as fast-growing China... However, in order for Greek tourism to achieve a sustainable growth over the long run, several important challenges need to be addressed, as price competitiveness continues to deteriorate faster than the upgrade in the quality of offered services, a fact that even a 'marketing revolution' cannot overturn for long." -- National Bank of Greece SA (NBG) research report, June 2005. The NBG report sees arrivals in Greece rising by 7.5% year-on-year, topping 13.5 million in 2005 and 14 million in 2006. Spurring the sector's long-awaited rebound was a new promotional campaign the government has launched, and the legacy of investment and success from the 2004 Athens Olympic Games, which is estimated to bring 1.4 million extra tourists in the coming years, offsetting lower competitiveness of the Greek tourism product in terms of prices. "Greece's real estate market was dormant for many years, mostly due to dissuasive legislation. Now that laws have become more welcoming to real estate development and investment, there are many opportunities in the market." -- Peter Mihalos, Founder, DTZ Mihalos SA, Greece "Even though I believe the sea is Greece's primary attraction for most visitors, I certainly think that we should have a complete range of offerings, including more golf courses, eco-tourism, spas and health centres, sailing and yachting holidays, and of course congress and conference tourism." -- Professor P.G. Pavlopoulos, Director General, Research Institute for Tourism (RIT, also known as ITEP in Greek) "Opportunity is missed by most people because it is dressed in overalls and looks like work." -- Thomas A. Edison "The signs we are beginning to see regarding the government's resolve to attract investment by eliminating bureaucratic roadblocks are encouraging, but it will take real and sustained improvement to overcome what I still believe is a healthy dose of skepticism on the part of many potential investors. My neighbour and friend recently had the opportunity to play golf at the Afandou club in Rhodes while visiting his family there, and was telling me that there must be something very fundamentally wrong in order for such tremendous potential to remain largely ignored..." -- E-mail recently received from one of INVgr's subscribers [name withheld upon request]
Can Greece tee off? Developers, investors, managers and operators of golf courses and resorts have been told at a November Athens conference [INVgolf's 2003 European GOLF Investment & Real Estate Conference & Exhibition] what an estimated 61 million golfers around the world already know -- that business is booming and is set to continue doing so. This comes at a time when Greece is looking to attract investors into its fledgling golf industry to create new golf resorts and extend tourism beyond its current sun and sea destination image into a more lucrative all-year-round sector. Big business Golf and related businesses in the United States, the world’s leading market with an estimated 40 million golfers and 17,000 golf courses, accounts for about 6% of Gross Domestic Product, coming in above gambling, motion pictures and mining. It's also big business in the European Union. Europe has an estimated 8 million golfers playing at 6,500 golf facilities, with Britain, France, Germany and Sweden accounting for 69% of all golf courses and 67% of all registered players. The number of European golfers is growing at about 7% annually, with Norway currently the fastest-growing market. Golfers also tend to be higher-end tourists, spending more, while a range of complimentary services and businesses, in addition to golf courses, prosper form the millions of golfers, their spouses and families, who take golf-related holidays. The proportion of regular golfers taking golf holidays ranges from 25% in the UK to 50% of Germans, with both groups favouring sunshine destinations such as Spain and Portugal. The harsh reality for Greece, however, is that most existing golf courses are lacking and unattractive to potential overseas visitors when compared to top notch European courses, and Greeks -- without a Tiger Woods or Seve Ballesteros -- have little interest in one of the world's most popular sports. [full story...]
Reliable, well researched and legally/financially sound hospitality and residential tourism investment opportunities in Greece Here are a few examples of reliable, very well researched and legally/financially sound master-planned golf, resort and residential community development and investment opportunities in Greece that INVgolf would like to recommend to international investors in the hospitality, leisure, entertainment and real estate sectors:
If you wish to receive information on these and/or other exciting investment opportunities in Greece, please contact Peter Michel Heilmann, Founder & Director, INVgolf.
Time for teeing off in Greece This special English-language section contains comprehensive information and business intelligence on Greece's current golf courses and resorts as well as other courses in the works or rumoured. It aims at providing up-to-date data, facts and views on the business and investment opportunities surrounding golf development and golfing in Greece. Please note that references made to "BF" are quoted from the following two publications:
Business File is a quarterly, English-language publication each issue of which analyses a different aspect of Greek industry or business. They are independent, editorial surveys of some 30,000 words, researched and prepared by Robert McDonald, a London-based freelance writer and broadcaster with more than 35 years' experience of Greek public affairs. He is also the contributor to the Economist Intelligence Unit's quarterly Country Report: Greece. INVgolf, organisers of the 2003 European GOLF Investment & Real Estate Conference & Exhibition in Athens, Greece and the INVgolf Investment Forum 2005 in Antalya, Turkey, has negotiated a special arrangement with Kerkyra Publications Ltd., publishers of Business File, that allows registered premium content users to subscribe to Business File at a special discount. For further information or to receive details about how to obtain a subscription, please contact us.
BF: In the euphemistic jargon of the tourism industry, Greece 'does not have a fully developed golf culture'. Greece currently has only four 18-hole courses -- one each in Athens (Glyfada Golf Club), Rhodes (Afandou), Corfu (Corfu Golf Club) and the Chalkidiki peninsula (Porto Carras) -- and a nine-hole course on the island of Crete (Elounda), which is more of an outsize pitch and putt than a golf course, with the longest hole being 140 yards, playable with a seven iron. The Crete Golf Club, a new 18-hole, par-71 course, opened in July 2003 near Heronissos, a tourist centre 24 km. east of Heraklion on Crete. The Association of Greek Tourist Enterprises (SETE), in its study Greek Tourism 2010: Strategy and Goals, published in 2002, argued that by the end of the decade the Greek tourist industry should be targeting 19.4 million arrivals and receipts of USD 15 billion -- respectively increases of 32% and 48.5%. Such growth would only marginally increase Greece's share in the European market share from 3% in 2000 to 3.68% in 2010 and in the world from 1.87% to 1.92%. To support such growth, the study argued, the sector would have to invest in 128,000 new hotel beds, which will contribute to the improvement in quality of Greek hotels, and increase its stock of up-market ancillary services to 45 golf courses, 15 autonomous conference/congress centres, 24 thalassotherapy centres and 42 marinas. "These goals," the study concluded, "are ambitious but not unattainable" -- particularly in light of the potential legacy of the Athens 2004 Olympic Games. INVgolf: Golf has never been, to adopt a phrase, a very Greek cup of coffee. SETE, in its study Greek Tourism 2010 - Strategy and Goals, underscores the importance of "special tourism" (golf, retirement, thalassotherapy, conference, residential, theme parks, etc.) in any long-term strategy for the Greek tourist industry. Addressing a parliamentary committee on production and trade on May 25, 2004, Dimitris Avramopoulos, the Minister of Tourism Development, announced government plans to bring tourist arrivals up to 19.5 million a year (from the current 13 million) over the next decade, while raising tourist revenues to 34% of GDP. Furthermore, Avramopoulos said Greece's top priority was to include tourism in the new European constitution so that it will become one of Europe's developmental policies. For Greece in particular, he said the ministry's goals included the creation of 150,000 jobs in tourism over the next 10 years, increasing tourism's contribution to GDP to 34% by the end of 2013 and boosting investments by making transactions simpler as well as opening up new markets such as China, Japan and India. Tourism is a key constituent of the Greek economy. Greece's shipping industry contributed 7.1% to gross value added in 2003, compared to 8.1% for tourism and 12% for manufacturing, according to the Union of Greek Shipowners. According to WTO estimates, Greek tourism revenues in 2005 are forecast to rise by 11.5% to EUR 31.7 billion. In its 2005 report, the World Tourist Organisation forecasts that Greek tourism will grow at an average annual rate of 4.1% till 2015, with revenues reaching EUR 60.3 billion over the next 10 years. Furthermore, the WTO forecasts that in 2015, 20.8% of local employment will be linked to tourism (from 18% currently), while investments of the sector will represent 10.7% of total Greek investments. In its 2005 market report, state-run National Bank of Greece SA (NBG) said tourism's contribution to growth of the domestic economy will be about 0.9% in 2005, up from 0.5% in 2004. The sector contributes 16% of the country's gross domestic product and 18% of employment. Greece ranks 15th globally in terms of tourism arrivals, which totalled nearly 13 million in 2004, 90% of which came from European countries, NBG said. Avramopoulos announced the new name of state-owned Hellenic Tourist Properties SA (ETA), which is now officially called Tourist Development Company SA (see below), and highlighted the importance of reverting to Greece's former regime for managing and making use of state-owned properties.
ATHENS (ATTICA)
Glyfada Golf Course -
"Konstantinos Karamanlis"
Glyfada Golf Club of Athens
- GGCA Atticos Golf Club (Seniors) Greek Ladies' Golf Club BF: Glyfada Golf is the country's flagship course but with just 2,000 members and 200 players. It has rough fairways and hard greens. The scream of jet liners landing at Hellenikon used to make lining up a putt a problem. That, at least, has ended.
The cachet of the course comes from its luminary members, who have included the late President, Karamanlis (said to be "a fanatic who did not play very well"), the former Prime Minister, George Rallis ("a good golfer but temperamental"), and the Deputy Minister of Finance, Peter Doukas (President of the Hellenic Golf Federation). Glyfada's precursor was a nine-hole course at Varibobi owned by shipping interests who fell upon hard times and lost the property to the National Bank of Greece. When Glyfada opened the Varibobi membership transferred en masse. INVgolf: It is sad to say that greater Athens (Attica), with its four million or so inhabitants, has only one golf course! The Glyfada Golf Course is an 18-hole, par 72 course, designed and built in 1962 by international golf course architect Don Harradine. Located in Glyfada, a seaside suburb of Athens, the Glyfada Golf Course opened in 1966 and is a green oasis of rolling hills, landscaped with mature trees and shrubbery. In 1979, Glyfada Golf Course hosted the 27th Golf World Cup and, in 1991, the golfing events of the XI Mediterranean Games. Golf competitions are held regularly at the Glyfada Golf Course; the most notable ones include the Heineken Cup, Swissair Pro-Am, Air France Pro-Am, Reuters Cup, etc. For the past three years, the PGA Senior Greek Open. Whilst playing on a course studded with 15,000 pine trees, golfers can enjoy a scenic view of the Saronic islands and the Peloponnese coastline and almost always play under idyllic weather conditions and, of course, the beautiful blue skies of Attica.
In addition to its pro shop, driving range and putting green, the Glyfada Golf Course has facilities for meetings and social events for up to 2,000 people. The entire complex consists of:
The golf course is located in Glyfada, a 20-minute drive from the city of Athens and very close to Glyfada's many shopping malls. It is also approximately a 20-25 minute drive from some of the best hotels in the Attica region. Operating hours Handicap limits Starting times Beginners Competitions Sponsors Tourism-entertainment All golfers are welcome to play at the Glyfada Golf Course, all year round.
CORFU (IONIAN)
Corfu Golf Club BF: The Corfu Golf Club is another private course owned by the entrepreneurial interests who also have the
luxurious Corfu Holiday Palace hotel
[located 16 kilometres/30 minutes away from the golf course] on the island. The Corfu course was considered top of the range when it opened but went through a period of decline.
INVgolf: Visitor and golfer alike often overlook the 18-hole Ropa Valley Golf Course, which is designed by Don Harradine to take in tree-lined fairways, lakes and meandering streams. A British professional is on hand to provide lessons or simply hire a set of clubs and enjoy the challenge of this magnificent course. A restaurant, club house and pro shop are located on site. There are three sets of tees thus providing enjoyment for all categories of players. Golfers coming to Corfu can test their skill and enjoy an island which offers spectacular scenery, fine hotels, good food and a warm welcome.
PORTO CARRAS (CHALKIDIKI)
Porto Carras Golf Course BF: Porto Carras is associated with the eponymous resort complex built in Chalkidiki, northern Greece. The Porto Carras complex consist of three hotels, a marina for 200 yachts, a casino and an 18-hole, Par 72 golf course plus amenities.
INVgolf: The high-standard hotel complex is set in 17.63 million square metres of lush green on the forested Chalkidiki peninsula. The hotel stands next to an astounding 10-km. long beach with more than 25 separate small bays. This, in a nutshell, is the Porto Carras Grand Resort. Click here to see a bird's eye view of the resort. The Porto Carras Grand Resort complex consists of three hotels (the Meliton ***** with 480 rooms, the Sithonia **** with 455 rooms and the Village Inn *** with 88 rooms) and also the ultra-luxurious historic Villa Galini with 18 suites and rooms. No matter which one you choose, you will enjoy your stay and be shown around the facilities of the complex, which include a variety of restaurants & bars, a spa, a private marina, etc. David B. Mathews (E-mail: slimgolfbuild@hotmail.com), one of the partners in Sofia-based Golf Balkan Ltd. together with Alan Egford, was responsible for the redevelopment of the 18-hole Porto Carras golf course, which was originally designed by golf course architects Geoffrey Cornish & Bill Robinson (G. Cornish & W. Robinson Golf Course Designers).
BF: The water supply for the greens was brackish which meant their condition was poor. But it is a "pleasant" course according to Philip Papalavrentis. "Not championship, but very pleasant," the reason being, he explains, that "you shoot under your handicap." The course got little use except by guests of the resort because, though only a little over an hour's drive from Thessaloniki, it was given no publicity. "People from abroad who played golf would go back to Thessaloniki and bring their friends to see what golf is. On the weekend it is nothing to go 120 km. It is two hours drive [there and back] but the environment is fantastic," says Papalavrentis. The resort was taken into receivership by the National Bank of Greece and maintenance of the course declined. The new owners, the construction company Technical Olympic, are renovating the entire complex and have managed to find a source of sweet water that should improve the greens. They have also redesigned the course and upgraded the fairways. According to Business File ("Building blocks," special survey no. 41, October 2001), the golf courses would be patterned on golfing suburbs, which are popular in the US, where housing estates are built on the fringe of golf courses with club membership forming part of the sales promotion. The developments tend to attract groups of like-minded people who rapidly bond into a neighbourhood. In the US, Technical Olympic USA, Inc. (TOUSA) co-operates with specialist golf designers in the creation of such developments. INVgolf: The Porto Carras Complex is the largest tourist resort in Greece with a total area of 17,630,000 square metres in Sithonia, Halkidiki. It includes three hotel complexes, an 18-hole golf course, a marina for private yachts, a conference centre, vineyards, a winery, and 10 km. of private beaches. In 2003 the company obtained an operating licence for a casino located in the Sithonia Hotel at the Porto Carras Grand Resort. Porto Carras was acquired by the Technical Olympic Group on December 4, 1999. The acquisition cost was settled through a share capital increase by ATHEX-listed Technical Olympic SA. It was essential that a short-term loan needed to be issued by ATHEX-listed Alpha Bank SA to Technical Olympic until the capital increase would be effected. To settle this loan, Alpha Bank drew GRD 19.08 billion from Technical Olympic Chairman Konstantinos A. Stengos' private bank account. 'Golf at Porto Carras' In September 2003, after a very successful planting and establishment period, 9 holes were re-opened. The mineral soil amendment, Zeolite, which has been ameliorated into all Greens, Tess and Fairways, is producing outstanding results with water consumption being reduced between 30% and 40%. Fertiliser requirements, even during the establishment period, are typically 20%-30% less than would normally be expected. The turf grass, Sea Shore Paspalum, is showing no adverse effects during this hot and dry period. It is constantly subjected to saline water conditions, and is also receiving 100% of all the treated waste water from within the resort. These results represent a huge saving, not just financially. but in the impact to the environment, and are a direct result of the professional management programmes adopted, and implemented by Porto Carras. The President, Constantine Stengos, together with the management team, must be applauded for their determination, not only to renovate and re-open 'Golf at Porto Carras,' but to do so in such a professional and environmentally friendly way too great vision and dedication. A truly outstanding achievement. Just completed is the new, modern club house facility. This incorporates all the services you would associate with a professional golf resort. Golf club and buggy hire are available from within the club house and golf operation. Green fees are starting at EUR 40-50 and all the hotels within the resort are offering packages to incorporate golf into your vacation. Annual membership is also available. Situated a pleasant one hour drive from the international airport at Thessaloniki, Porto Carras is ideally located for all European, and world-wide, golfers to include this beautiful venue in their golfing calendar. As a weekend break, or longer vacation, the outstanding facilities of this premiere resort, together with the golf, offers the perfect location for pleasure and relaxation. Or why not just come for the day? The entire management team are eagerly awaiting the return of golfers to Porto Carras, so come and enjoy this magnificent golf course once more. For details of green fees, holiday packages and playing schedules, contact Sofia Papadopoulou, Director of Golf, and the ream at Porto Carras, on +30 23750 71381. URL: http://www.portocarras.com/. About the Porto Carras Grand Resort's owners
Konstantinos A. Stengos is the founder and remains a leader of the Technical Olympic Group of Companies. Born in Klima, Greece, he founded Technical Olympic SA in 1965 in Patra, Greece, specialising in the construction of apartment buildings and public works. He also founded two other construction companies, Mochlos SA in 1973 and Toxotis SA in 1976. Technical Olympic and Mochlos were listed on the Athens Stock Exchange in 1994. All three companies today rank among the largest contracting companies in Greece, and Stengos remains the creative and visionary leader of all the companies. He has also founded and acquired other construction companies in the United Kingdom, Romania, and the United States. In 1999, he led Technical Olympic’s acquisition and merger of two U.S. homebuilding companies to create Hollywood, Florida-based Technical Olympic USA, Inc. (TOUSA). Today, the Technical Olympic Group of Companies is involved in a variety of construction projects, including homebuilding, irrigation systems, drainage systems, road building, tunnels, buildings, electro-mechanical works, harbor facilities, industrial works, energy, construction of marinas, and generation and management of electrical energy. Since the December 1999 acquisition of the Porto Carras tourism and hotel complex, with the largest single vineyard in Greece, the group also provides an entire spectrum of tourism services. Stengos is a graduate of the National Technical University of Athens. He has been a member of many contracting organisations and served as Chairman of the Western Greece Department of the Technical Chamber of Greece for nine years. TOUSA is listed on the New York Stock Exchange (NYSE: TOA), while Technical Olympic SA has been listed on the Athens Exchange (ATHEX) since 1994. Related stories:
HERSONISSOS (CRETE)
The Crete Golf Club INVgolf: Introducing golf to Crete, local hoteliers have put together a team of world-class designers (PGADC) and developers to create an 18-hole championship golf course. Catering to tourists, the course was built to meet USGA standards. It features a desert course design language, with four sets of tees, wide fairways and perfect maintenance in a typical mountainous Cretan environment, offering unparalleled views. The Crete Golf Club is located at a 10-minute drive from the favourite tourist destination of Hersonissos, 20 minutes from the Heraklion airport. The Crete Golf Club was officially opened by Greece's former Minister of Economy and Finance on Sunday, October 19, 2003, but has already been operating since the beginning of July 2003. Dr. Michalis Vranas, a lawyer and hotelier by profession, is President of The Crete Golf Club and co-owner of Robinson Club - Lyttos Beach. He has been the visionary moving force in opening the way for The Crete Golf Club and the new era of golf development in Greece. He successfully gathered, led and cemented 32 individual partners into an effective team, which packaged the land with 92 separate contracts. Knowing the legal framework, political intricacies and bureaucratic obstacles in Greece, he has developed an effective strategy for overcoming them. Although Crete is the fifth-largest island in the Mediterranean and the largest Greek island, it only has one 18-hole golf course (The Crete Golf Club) and one 9-hole course (Elounda Golf Club). The golf club in Hersonissos is located at a 30-minute drive from the par-3, 9-hole Elounda executive course. The Crete Golf Club is therefore currently the first and only 18-hole golf course on the beautiful island of Crete. It is a 6,430-yard course with two driving ranges. The course, created in a desert-style design, is a par-71, 18-hole championship layout. It has two loops of nine (the first nine holes are rather noisy due to the very loud neighbouring water park, also known as 'Aqua Splash', while the back nine are much better since the awful noise from the club's neighbours does not distract golfers), which seamlessly blend into the existing landscape. Click here for a lay-out of the course. Here is a brief overview of the course:
BF: According to Business File, a survey of the Greek tourism industry by Robert McDonald ("Life's a Beach," no. 47, March 2003), this 18-hole, par 71 championship standard course, opened in July 2003 near Hersonissos, a tourist centre 24 km. east of Heraklion on Crete. The development, on a 720,000 square-metre site, cost EUR 14.7 million to develop. Known as The Crete Golf Club, it is a corporation in which the owners of 30-plus local hotels plus Ted Vassilakis, owner of AutoHellas SA (the Hertz franchisee in Greece), have invested. The moving force was said to be the hotel-owning businessman, Michalis Vranas. The project has benefited from the government's investment incentives programme.
INVgolf: The 6,430-yard course has two loops of nine, which seamlessly blend into the existing landscape. The slopes, visible rocky ground, groundcover plants and absence of trees provide a character that is easily identifiable as Crete. Each hole has a selection of four tee beds, providing a challenge for all golfers whatever their standard. Where the scratch golfer will find the course a tough enough test from the back tee, the novice will find the forward tees more suited to their game. The natural terrain has been maintained with the continual wind and breeze conditions will present a good test to all golfers. As a desert-style course, it will require the use of buggies. The course also comes with the full range of practice facilities for novice golfers, tourists and golf club members. This includes a double-ended covered driving range with practice bunkers, short game area and practice putting green. There is also a second putting green adjacent to the first tee. Driving range
The spacious golf clubhouse has been designed by PGA Design Consulting to give the golfer the feeling of Cretan architecture and hospitality. It is situated between the first and tenth tees to offer quality services. After being greeted at the reception, you can enjoy:
The Crete Golf Club's Golf Academy features a variety of golf programmes, offering unparalleled instruction and the most advanced teaching methods to improve your performance, whether you are a novice or you need a "refresher' for your game. The course's PGA qualified instructions will assess your standard and recommend a suitable programme, with the emphasis on relaxation and fun. Programmes include individual or group tuition, half and full-day formats, 3- to 5-day programmes, corporate and society golf days and specialised clinics. The Crete Golf Club lies approximately 23.5 km. east of the 'Nikos Kazantzakis' Heraklion International Airport and 7 km. south of Hersonissos. With Heraklion as your starting point, go East on the 'New Road,' the E75, with direction to Aghios Nikolaos and turn south (right) on the Lassithi Plateau intersection with direction to Kasteli, 3.5 km. The Crete Golf Club is situated on your right hand side next to a water park. There were a number reasons to build this golf course on Crete. Crete is the fifth-largest island in the Mediterranean (260 km. long) and the largest Greek island. It is located at the crossroads of the three known continents of the ancient world and due to its strategic position, it has been coveted by foreign invaders, including the long periods of Byzantine, Arab, Venetian and Turkish occupations. The ancient Greeks called it "The Great Island" and they were right. It is one of the most important, if not the most important, island in the eastern Mediterranean and its history is long and eventful. It was home to Europe's first civilisation, the Minoan culture, of which impressive remains may be seen at Knossos. This was the capital city of the kingdom of the legendary king Minos that flourished from about 3000 to 1400 B.C. Crete has been the "melting pot" for civilisation with many layers of history and differing cultures -- a realm of nature's wonders with 'real' people who still regard themselves firstly as Cretans and then as Greeks. Their unique character embodies their heroic spirit of independence. They cherish their ancient customs and 'philoxenia' -- the generosity to strangers) is still a matter of tradition and pride. Crete's variety of features includes mountain villages, long sandy beaches, rocky bays, beach-bar-boogie & nightlife. There are magnificent mountain ranges, water-sports, tranquil locations and clean seas. Bathed in clear sunlight much of the year, the climate is one of the best in Europe. It is understandably a most popular travel and vacation destination, especially for families. There is an abundance of plants and flowers that are unique on the island. Breathe in the ever-present scents of wild herbs, taste fresh fruit, the best of the world's olive oil and healthy, delicious cheeses. Enjoy the delight of sipping a Greek coffee at the roadside in a mountain village. Because Crete is the largest of the Greek islands, it offers both developed tourist areas with resort hotels and also quiet coves, hidden beaches and invigorating mountain villages and plateaus that reward the discerning world traveller. Heraclion, the capital city of Crete, 25 km. to the west of the golf course, has the major archaeological museum, smart and trendy cafes and shops and a noisy business bustle. Just outside Heraklion is Knossos, the major archaeological site of the Minoans. Closer still is Heronissos, just 7 km. away from the course. Heronissos is a seaside resort with a pretty seafront offering excellent restaurants, lively bars and interesting tourist shops and is the centre of nightlife on Crete. The golf course is a great asset for Crete, as it extends the island's tourist season and upgrades the quality of Crete's tourist mix, which attracts higher-income clients. Bob Hunt, golf course architect and Managing Director of PGA Design Consulting, commented, "This is an important site where we have followed our design philosophy of environmental friendliness. Golf is the fastest developing sport in the world. There are more than 30,000 golf courses and more than 50 million golfers world-wide. It is certainly one of the more important events in Greek tourism for many years." He also noted that, as a desert-style course, the course will be in great demand by athletes. Of the many features awaiting the guests, the Pro Shop deserves highlighting. This is now stocked with fashion goods and golfing accessories for the discerning golfer. Then there is the restaurant serving light meals, which may be consumed on the terrace overlooking the 18th green. Last but not least, you will find numerous ancient sites, villages, mountains and beautiful beaches around the island that will take your golfing holidays to the highest level. The 18-hole fee is EUR 90 and includes the buggy and range balls. The Crete Golf Club has various Hotel Partners on Crete. Guests of these fine hotels may be offered reduced green-fee rates. The Crete Golf Club will send a list of Hotel Partners upon request. AutoHellas SA participates in The Crete Golf Club AutoHellas SA is the Hertz franchisee in Greece and a member of the Kifissia, Athens-based Th. Vassilakis Group, which comprises of a wide range of companies including Aegean Airlines SA, Vitacar (official Opel distributor), Vacar (Saab importer/distributor), Autotechnica Ltd., Bulgaria (SEAT, Audi importer and Hertz franchisee; formerly Bemal Auto Ltd.), Ergocar (SEAT retail sales), Velmar (official Ford distributor) and Technocar (SEAT importer/distributor). AutoHellas also has a minority stake in Cretan Golf SA, owner of The Crete Golf Club. The company is, among many other activities, involved in fleet management, used car sales, and is the biggest automobile buyer in Greece. Through Alimos, Athens-based Piraeus MultiFin SA, a member of the Piraeus Bank Group of Companies, AutoHellas can efficiently and swiftly dispose of its used cars. Hertz is the largest car rental company in the world. Car rental, the largest and best known of Hertz' activities, is conducted from approximately 1,900 locations in the United States and from approximately 5,100 international locations in more than 140 countries. The Hertz Corporation is a wholly-owned subsidiary of the Ford Motor Company. Before becoming part of the Ford Motor Company family of brands, Hertz changed hands many times over with a few different names. Finally in 1965, Ford Motor Company and Hertz entered into a joint advertising agreement to promote their products and services together. It was the first step in a relationship that came to fruition in 1994, when Ford Motor Company purchased all outstanding shares in the Hertz Corporation. With more than 111 locations all over Greece, 20 of which are located at airports, Athens-based AutoHellas is the largest rent-a-car company in Greece, based on the company's financial capacity and the size of the fleet of vehicles it manages. Furthermore, the company is the biggest national franchisee of Hertz International in Europe. AutoHellas is also Greece's innovator of the rent-a-car business by continuously offering new services. Its fleet consists of more than 19,500 vehicles with an average age of just 21 months. AutoHellas was established in 1974 when Theodore (Theodoros) Vassilakis took over Hertz Hellas, a subsidiary of Hertz International, renamed it AutoHellas SA and assumed Hertz' representation throughout Greece. AutoHellas (Hertz) constantly leads the car-hire sector in Greece. For two consecutive years -- 1998 and 1999 -- the firm was awarded by the travel industry (TTG Award) as the best rent-a-car company in Greece for high standard services rendered. In addition to offering car-rental and fleet-management services, AutoHellas is the biggest car buyer in Greece. In 2003, more than 6,000 cars of over 60 different types were bought in order to replace the company's old ones. Replaced cars are sold at every Hertz station. On June 1, 2005, AutoHellas undertook the representation (franchise) of Hertz in Cyprus in a move to dynamically penetrate the rent-a-car and leasing/fleet management sectors in the Eastern Mediterranean. The company is investing a total of EUR 2 million into the Greek-Cypriot market, while significant synergies are expected to be made with Aegean Airlines. For a map of the 18-hole golf course, click here.
RHODES (DODECANESE)
Afandou Golf Course BF: Afandou on Rhodes was a project developed by the Hellenic Tourism Organisation (EOT) under the military dictatorship. It is an 18-hole championship course, wooded with olive trees and adjacent to the sea with the first three holes -- two par fives and a par three -- running along the shore. It is flat with little challenge from the terrain and poor irrigation which means the fairways are scruffy. There is a 1970s-built clubhouse and a semi-finished associated hotel. The course operates on a 12-month basis but attracts a maximum 150 players a day during spring and autumn with a third that number playing in summer and winter. "Now, from Rhodes, if you go 25 minutes by boat to Antalya, it's only a taxi-ride away to three international standard golf courses," says Philip Papalavrentis, former Honorary Secretary of the Hellenic Golf Federation (HGF).
INVgolf: Twice a year, the very active golf club organises an International Championship Cup -- the last week of March and last week of October. The Afandou Golf Course is located in the island's Afandou Bay, approximately 20 km. from the island's capital, 20 km. from Lindos, 20 km. from the airport, 7 km. from the Kallithea thermal springs, 7 km. from the Seven Springs area, and just a few km. away from the Faliraki and Tsambika beaches. Hilton International has added the nearby Hilton Rhodes Resort to its Greek properties, offering a glamorous incentive location for both business and leisure. The hotel, located on 80 acres of prime, carefully-landscaped waterside property just minutes from Rhodes town and a short hop to the airport, creates a totally new hotel environment for Hilton in Greece, one that combines the ultimate in a resort property with top notch facilities for a business gathering, conference or incentive event. Golfers may wish to tee off from the Afandou course not far from the hotel. Afandou's existing
tourism facilities and infrastructure Afandou's total property is 1,821,900
square metres; Coastal zone of 3,500 metres; Property
includes an old 3-star hotel unit with a capacity of 26 rooms; 18-hole, Don
Harradine ("Harradine
Golf") designed golf course covering 550,000 square metres,
which opened in 1973 Unfinished clubhouse; Beach facilities; Parking lot for 40 cars; Ships depart several times a week. Afandou's owners, state-owned Tourism Development Company SA (formerly Hellenic Tourist Properties SA), is eager to transform Rhodes into an "all-year destination". TDC's objective is to develop the Afandou Golf estate into a high-standard integrated holiday resort. Objectives:
With an integrated development plan, TDC believes the Afandou Resort could become a high-quality, all-year-round leisure and tourism destination designed to meet all possible needs.
The Greek government is aiming to raise approximately EUR 1.6 billion in revenue from privatisations in 2006 as part of its efforts to reduce Greece's budget deficit to 2.6% of GDP from a target of 4.3% of GDP in 2005. Among its goals is the flotation of state-run Tourist Development Co. SA's (TDC) 51% stake in Mont Parnes through an initial public offering on the Athens Exchange (ATHEX). TDC (formerly Hellenic Tourist Properties SA - ETA) manages state-owned tourism property, including hotels, marinas, casinos, beaches and the Afandou Resort. Privatisation anticipated to be launched in: Q4 2006
Acting as financial adviser to TDC,
Mizuho Corporate Advisory Co.
Ltd., a subsidiary of Japan's Mizuho Financial Group, has completed a list of assets, which are being "matured" by TDC to remove all obstacles for investment. Such obstacles include dealing with the archaeology or forestry departments, local municipalities, the church and others. According to Mizuho, agreements signed with investors will include provisions guaranteeing the protection and/or sustainable development of sites. TDC is also proposing the construction of two modern 18-hole golf courses and of one 9-hole golf course as part of its "Kaiafas Spa Development Plan" in the Peloponnese, a vast state-owned property spanning across 5,210,342 square metres, 325 km. from Athens. Other plans include the development of a clubhouse and golf schools, the construction of a range of five-star accommodation facilities, a wellness centre, a shopping arcade, fitness and sports facilities (horse-riding, walking, tennis courts, sea activities) as well as several amenities close to the sea. Although poorly managed, the Kaiafas site already features a hydrotherapy clinic, three hotel units (Geranio with 65 beds, Olympia with 18 rooms and Arin with 37 rooms), traditional buildings and residences (20 old rooms and 12 new rooms), a church (39 sq.m.), power substation (123.27 sq.m.), drilling and pump station & power generator room, water tower, etc. Its location is superb and the potential for developing the Kaiafas Spa into a ultra-luxury resort offering sophisticated leisure services all year round is tremendous. Tourism Development Company SA (TDC) Tourism Development Company
SA
ELOUNDA (CRETE) Elounda Golf Club BF: Elounda on Crete has a nine-hole course associated with a luxury hotel -- the porto elounda DELUXE RESORT -- but the course is more of an outsize pitch and putt than a golf course, with the longest hole being 140 yards, playable with a seven iron.
INVgolf: The Porto Elounda De Luxe Resort is situated 7 km. to the east of Aghios Nikolaos, offering spectacular views overlooking the Bay of Mirabello. At the moment, Elounda SA Hotels and Resorts are comprised of three luxurious seafront properties in Crete:
Elounda SA is the first European Six Senses Spas operator that provides a revitalising experience. The Porto Elounda golf course, which is the first -- but not anymore the only -- one on Crete as the island's second course, The Crete Golf Club, is scheduled to open in July 2003 (see below), provides a good environment for learning the game and for training.
It is a 9-hole par-3 golf course, yet the multiple tee design gives every hole two playing options, thus giving the impression of an 18-hole course. The hole lengths range between 55 and 125 metres. The clubhouse is set amidst a picturesque Cretan square and offers a pro-shop and the Porto Elounda Golf Academy where instructor John Grundy, PGA improves every aspect of your game on the driving range, the putting green and the course itself. The training facility is just ideal for beginners, and for those who need to improve aspects of their game like their short play. The Porto Elounda De Luxe Resort is located 70 km. from Heraklion International Airport. One should either fly to Athens and take Olympic Airways or Aegean Airlines connections, or fly directly to Heraklion by charter flights from many European cities. The hotel's helicopter-pad allows the option of heli-transfers from either Athens or Heraklion. Upon arrival, the hotel can offer a limousine transfer service, should one prefer not to take a taxi or rent a car. For a map of the 9-hole golf course, click here. The company's visionary founder and president is architect Spyros Kokotos. His brother George, originally an engineer by profession, began his working life as a builder of hotels. Together with Spyros, they constructed six in Crete, including the world-class Elounda Beach. Today, George is president and managing director of Semeli Winery SA. He and his English wife, Anne, own and run Domaine G. Kokotos at Stamata, 23 km. from Athens. Anne is the Semeli Winery's marketing manager.
Major golf-driven tourism development
projects, integrated resorts and residential communities in the works
(Navarino Resorts) or
planned (Cavo Sidero Resort) in Greece
INVgolf's
latest, most comprehensive update on opportunities in Greece
Greece is back on the tourism and residential real estate investment radar screens, but... without golf, Greece is 'handicapped'!
Greece is feeling the heat from neighbouring Turkey, which is determined to develop 100 new golf courses within the next
decade. Even if they achieve only 50% of this target, just imagine what destination Turkey will become with 50 golf courses! Furthermore, at least 200,000 tourist golfers visit Greece every year, according to a study presented by business consultants
JBR Hellas Ltd. at the INVgolf European GOLF Investment and Real Estate Conference in
Athens in November 2003, but they are 'handicapped' without the necessary,
high-quality infrastructure.
Opportunities in Greece to create unique residential and holiday resorts -- especially golf resorts and leisure-integrated real estate developments -- are drawing the interest of investors and developers from the United Kingdom, Belgium, Australia, Cyprus, the USA and elsewhere. As Greece's new development law unleashes pent up demand, investors are submitting ambitious plans that take advantage of spectacular natural resources and a climate that is second to none. A number of leading Greek groups of companies, foreign investors and Greek-Cypriot entrepreneurs have already started to proceed with their investment plans for the development of holiday homes and integrated leisure resorts with golf courses on large plots of land. Furthermore, an increasing number of Greek and international property management and investment groups are seeking to turn Greece into Europe's "number one" holiday-home market. In addition, leading international real estate players have set their eyes on the Greek market, as some believe that Spain, for example, is showing signs of saturation.
Below is a comprehensive overview of some of the new golf resort and integrated resort development projects and plans in Greece, which will change the face of the country over the next 10 years.
Opportunity knocks in Greece...
PYLOS (PELOPONNESE) Navarino Resorts, Messinia [For further information on this project, which is
Greece's only golf-integrated residential resort currently under
construction, please contact
INVgolf.]
"If you long for the days when the Cote d'Azur still held a certain je ne sais quoi, cast your eyes south eastwards to the other side of the Mediterranean and the idyllic setting of Peloponnese." -- The Observer, May 2005 INVgolf: The Constantakopoulos family, which owns one of the largest container ship fleets in the
world and controls the Costamare Shipping group, is developing Navarino Resorts,
a major new resort development in Messinia on the southern tip of the Pelponnese
Penninsula.
The Athens-based development company of this EUR 900 million project, Tourism Enterprises of
Messinia SA (TEMES), was set up by the Constantakopoulos family
and is currently run by Achilles Constantakopoulos.
For the man who conceived this large tourism investment, Costamare's
founder Vassilis Constantacopoulos (Achilles' father), this new
development is not purely a business
venture, but also a 20-year dream that he hopes will promote his family's
home region and boost its local economy. Just over two decades ago, the
Greek ship-owning family patiently started acquiring land necessary to make the vision a reality --
piece by piece from more than 1,000 different owners -- until the assembled
puzzle today covers a total of 1,000 hectares over four sites. The development has
been drawn by a team of Geek, U.S. and European planners, engineers,
architects and speciality consultants. Navarino Resorts (locally known as the "POTA Messinias" project) Navarino Resorts, the largest tourism development currently under construction in Greece, is located in the
South-West Peloponnese on the Messinian Peninsula, a short drive from the international airport of Kalamata. Set to become a new upscale destination in the Mediterranean, Navarino is distinguished by its unique and unspoiled surroundings. The region of Messinia has preserved its cultural traditions and renowned historical monuments in harmony with its stunning Mediterranean landscapes. The rolling hills, secluded bays, pristine beaches, crystal-clear waters, and lush olive groves of Navarino combine to form an exceptional environment. The excellent climate makes the Messinian Peninsula an ideal year-round destination. The first phase of Navarino is expected to be fully completed and operational by 2009 with the development of two integrated resorts, both situated on breathtaking beachfront property near the picturesque town of Pylos. The resorts will include four 5-star hotels, two signature golf courses, a thalassotherapy center, two spas, a conference center, indoor and outdoor athletic facilities, two creative centers for children, multiple restaurants, a water park, and many recreational experiences unique to the region. The hotels and golf courses will be managed by premier operators. The two seaside golf courses are being designed by Robert Trent Jones II and Bernard Langer in association with European Golf Design, and will be managed by Troon Golf. Upon completion of the first phase, Navarino will expand with the development of additional resort communities.
The entire project will be built on spectacular land comprising an area in excess of 10,000,000 m2 (1,000 hectares) and will consist of eleven hotels, seven golf courses, several conference centers, numerous athletic and recreational areas, and holiday villas. A total of four distinct residential and resort communities will enjoy more
than five kilometers of seaside frontage. The development has been planned with a deep respect for the environment, with a building footprint measuring only up to 8% of the total land area, ensuring the protection and preservation of the region’s natural beauty. This major tourism investment by TEMES in the Messinian Peninsula will create the first fully integrated resort communities in Greece, offering authentic and diverse experiences. Developed with exclusive designs in an idyllic location, Navarino is poised to become a new upscale destination in the Mediterranean. Navarino Dunes (Romanos) -- approximately 1,300,000 m2 or 130 ha.: One 5-star hotel with a capacity of 320 keys. One 5-star hotel with a capacity of 445 keys. One conference centre to accommodate approximately 1,200 delegates. One thalassotherapy centre. One 18-hole golf course. Supporting infrastructure. Navarino Bay (Pylos) -- approximately 1,400,000 m2 or 140 ha.: One 5-star hotel with a capacity of 226 keys in phase A with conference and spa facilities. One 5-star hotel with a capacity of 119 keys with conference and spa facilities. One 18-hole golf course. Supporting infrastructure. At a later stage, Phase B will follow, and will involve further hotel development and real estate. More specifically: Navarino Dunes (Romanos) One 5-star furnished apartment hotel with a capacity of 268 keys. One 5-star furnished apartments hotel with a capacity of 220 keys. Extension of infrastructure to support diverse activities. The Designers of the 2010 Ryder Cup Course at the Celtic Manor Resort, Wales, European Golf Design
(EGD), based in Virginia Water, Surrey, England, is the joint-venture
golf course design company of IMG and The European Tour. Founded in the early 1960s, IMG is the world's premier sports and lifestyle management and marketing firm, with an international staff of more than 2,200 people in 70 offices in 30 countries. The PGA European Tour, a company limited by guarantee, operates a group of business initiatives essential to its primary function of professional tournament golf administration. The European Tour are responsible for the government of more than 100 events worth over EUR 120 million in prize money on The European Tour, European Seniors Tour and European Challenge Tour. The Tour also represents the playing interests of more than four hundred players and operates companies that are involved in the promotion, televising and management of tour events.
The golf course at Navarino Dunes is to be designed in association with Bernhard
Langer, who was Europe's 2004 Ryder Cup winning captain, has become an honorary OBE for his services to golf. The 48-year-old German, a two-time Masters champion, has claimed 42 European Tour titles, the first coming in 1980 when he was victorious at the Dunlop British Masters and he has competed in 6 Ryder Cup winning teams.
The site comprises 2 km. of beachfront close to the village of Pylos at Navarino Bay and boasts wonderful views in all directions. The gently undulating topography mixed with the wide variety of other landscape elements which are present, such as a river, olive and orange groves, broad leaved trees and open, sandy plains combine to create a superb setting for golf.
Navarino Bay (Pylos) Extension of 5-star hotel of phase A with 106 keys. Extension of infrastructure to support diverse activities. In Phase B there will also be real estate development within an area of 17,500 m2 in Navarino Dunes
(Romanos) and 40,000 m2 in Navarino Bay (Pylos). In Phase B, the development of a third area called Navarino Blue
(Rizomilos) is anticipated which will include the development of 5-star hotels with a capacity of approximately 1,200 keys, a conference centre, a thalassotherapy centre, an 18-hole golf course, and real estate development. The Phase A investment, with a budget of EUR 380 million, is to be implemented during
2007-2008 (becoming operational in 2009). Financing of the project will be through TEMES SA equity, premier Greek bank loans and subsidies. Achilles Constantakopoulos has a Bachelor Degree in Hotel Management from Ecole Hoteliere de Lausanne. He is Managing Director of TEMES SA and COSTATERRA Investment SA. He is a member of the Board of Directors in COSTAMARE Shipping Company SA, CIEL Shipmanagement SA and GEO Hellas. He is
also a member
of the Board of Directors of ATHEX-listed Autohellas SA (Hertz), serving as an
Independent Non-Executive Member, which is part of the Th. Vassilakis
Group. Navarino Resort Development Master Plans Four beautiful properties located in South-West Greece comprise the Navarino Resorts. These independent sites have been programmed strategically to create a golf destination for Greece. Each property, however, caters to a particular market niche, as identified by Economics Research Associates, London, the market consultant. Romanos consists of a family beach resort on the Ionian Sea with a resort hotel, two holiday villages, self-catering apartments, timeshare units, as well as over 100 villas. In addition to the 18-hole golf course with clubhouse, amenities include thalassotherapy and conference
centres, a village street, landscaped pool areas, and a tennis centre. Rolling hills and lush valleys on the shores of the Bay of Navarino form the setting for the premier golf and country club destination of
Pylos. Two luxury hotels, the 18-hole championship golf course and over 250 villa plots are carefully nestled into the hills and valleys of the property. The high plateau of Kynigos overlooks the Bay of Navarino. The rugged landscape of this property provides the setting for a high quality retreat environment and features two 18-hole golf courses with residential development, a spa hotel, a secluded sports hotel, and a rustic clubhouse and lodge. The Rizomylos property is designed as a new seaside village near the regional
centre of Kalamata. Primary amenities include the beautiful beach, a water park, a 9-hole golf course, as well as seaside retail and restaurants along the boardwalk. Five hotels are planned with a total capacity of 1,500 rooms. In addition, more than 200 plots for holiday homes overlook the river valley. Romanos description The magnificent beach on the Ionian Sea with stunning views makes Romanos the ideal location for a family-orientated resort. The 141-
hectare property at Romanos is located approximately 50 kilometres from Kalamata's International Airport, the current driving time from Athens is more than three hours, which will reduced to less than three hours once roadway improvements in the Peloponnese have been completed. The resort occupies a gently sloping plateau and will offer a variety of accommodation types surrounding a Village Street with
restaurants, tavernas and resort retail venues. Romanos offers an 18 hole championship golf course, a large pool complex, a tennis centre and an exclusive thalassotherapy centre overlooking the golf course and the sea. The resort also offers a children's club, mini golf and a gymnasium. Pylos Description The most luxurious of the Navarino Resorts, Pylos is envisioned as a country club development where luxury hotels, the golf club and individual holiday homes complement each other in architectural quality and in their respect for the existing landscape. The Pylos property is located directly on the historic
Navarino, where in 1827 the Battle of Navarino marked the birth of modern Greece. The 148-hectare property is nestled in a stunning landscape, with rolling hills and spectacular views of the Bay and Pylos town. A new 250 slip marina has just been completed and is located adjacent to the site. The preponderance of archeological sites, the shipwrecks of the Battle of
Navarino, the remains of an ancient Roman town all bear testimony to the area's rich history as a cultural crossroad. Located just north of Pylos town and 40 km. from Kalamata's International Airport, the resort includes a championship golf course,
two luxury hotels and a series of pools and terraces connected by a network of footpaths winding through the gardens, leading to the beach. Kynigos Description At 295 hectares, Kynigos features the largest land area of the Navarino Resorts. Situated on a high plateau overlooking Pylos and the Bay of
Navarino, Kynigos is the most remote of the resorts, making it the perfect location for visitors who are searching for an environment far removed from the everyday world. The rugged terrain at Kynigos accommodates two 18 hole championship golf courses, a tennis centre, as well as an equestrian centre. A health spa hotel, a sports hotel, golf clubhouse accommodations and real estate development offer a variety of housing choices. Rizomylos Description Visitors seeking entertainment and excitement will be drawn to
Rizomylos. Envisioned as a seaside village, Rizomylos will include a boardwalk with shops and amusements. An amphitheatre for outdoor performances is provided in the extensive river gardens in the middle of the site. In addition, visitors enjoy the use of a water park, a tennis centre, and a 9-hole golf course. Located on the gulf of
Messinia, the property is easily accessible from Kalamata and its international airport, which lies
10 km. to the east. Rizomylos hopes to attract foreign tourists and visitors
from Greece alike. Lodging is distributed among five hotels; an all-inclusive Club Hotel, three
holiday villages and a small boutique hotel. Each hotel has its own private beach frontage and is woven into the urban fabric of the resort village by an internal network of public spaces featuring "tavernas," restaurants and shops.
CRETE
Although Crete is the fifth-largest island in the Mediterranean and
the largest Greek island, it only has one 18-hole golf course (The Crete
Golf Club) and one 9-hole, par-3 course (Elounda Golf Club). It is also
the second biggest island in the East Mediterranean, after Cyprus. By
comparison, there are already three golf courses in Cyprus and the
Greek-Cypriot government has announced that 11 more licences will be
granted following a specific procedure that has been already announced;
permissions for resort / real estate developments will also be granted for
each golf course. Athens-based attorney-at-law Michael Vranas has been the
visionary moving force in opening the way for The Crete Golf Club (which
opened in 2003) and the new era of golf development in Greece. He and
several major Greek entrepreneurs are now trying to persuade the
government to amend the current land-use legislation that regulates the
development of golf courses in combination with residential real estate
(housing communities) in Greece.
Minoan Group PLC: Cavo Sidero
Resort, North-East Crete Loyalward Hellas SA Palekastro Office: Minoan Group PLC [For further information on this project, please contact
INVgolf.] INVgolf: Minoan Group
PLC (formerly Loyalward Group PLC) of the
United Kingdom is the OFEX-listed developer planning a luxury holiday resort on a 26-square-kilometre
site at Cavo Sidero in Crete, comprising 5 villages, 3 golf courses, marina, conference centre all in a protected natural
environment. Minoan Group's principal activity is the design, creation, development and management of tourist and leisure resorts. The company has to date concentrated its efforts on a 7,000-bed resort development on a peninsular site of
approximately 26 square kilometres at Cavo Sidero in North-East Crete for which it signed a long leasehold contract in July 1998. Zoning approval and first level environmental approval for the development
were granted in May 2002, and archaeological approval in July 2002. This
was followed by the application for a number of regulatory permits including those under environmental, tourist and building laws. Cavo Sidero is a massive, environmentally-sustainable, golf-integrated, master-planned residential Cavo Sidero resort, which is currently in the pipeline and will include a 45-hole golf complex, 5, five-star hotels
(approximately. 2,500 beds), 474 villas, 495 townhouses and apartments. Cavo Sidero will be an exclusive destination that is in harmony with its surroundings, providing an unique holiday experience for second home owners and visitors alike. It will be one of the largest resorts of its kind in Europe, creating a year-round holiday and leisure destination for discerning visitors from across the world. The scheme comprises five low-density clusters of luxury hotels, villas, townhouses and apartments, all with access to extensive sports, entertainment, restaurant and retail amenities. Because the site is so large, the five clusters will be well spaced, occupying just 1% of the total area. Each cluster will be independent of the others. The well-established destination will be approximately 30 minutes from the
Sitia airport. The company maintains management offices in Athens and
Palekastro, Crete, the village adjoining the Cavo Sidero site. Christopher Egleton,
Chairman, Minoan Group PLC, minces no words on why he is enthusiastic about developing the largest single piece of real estate in Greece devoted to tourism: "For tourism, quite frankly, Greece has everything. The Greek people are the most hospitable in Europe, the food is great, and Crete has the longest European summer. And because Greece is the foundation of Western
civilisation, we are innately tied to its culture." The project will offer a wide variety of integrated facilities 12 months a
year and will combine five hotels, an apartment complex, and luxury villas.
Visitors and residents will enjoy golf, tennis, horse trails, water sports, nature, history, and the full services of a small village. "Tourism is changing and at Cavo Sidero, since it will be a small community of 7,000, over time we will be able to respond to the demands of our clients and
guests," says Egleton, who knows that nature and the environment are a high priority for everyone today.
The company is acting not only to preserve but to improve the natural resource of the land: "We are deeply committed to the indigenous land and marine flora and fauna. We will install our own water recycling system and we have planted more than 100,000 trees. It is evident that full respect for the environment is in everyone's interest." "The Greek government is making the right decisions with its new real estate laws. That is very
encouraging," says Egleton. Are responses from potential investment partners for Cavo
Sidero, such as for a world-class hotel, forthcoming? "In a word," according to
Egleton, "it has been 'robust,' beyond all our expectations." The tourist development project on Cavo Sidero is being developed under the aegis of Toplou Monastery, the main regional landowner. In 1996, British developers Loyalward, headed by financier
Peter Schoulman, won the bidding for the tender called by the
Ecclesiastical Foundation of Panagia Akrotiriani, a special legal
entity created by the Toplou Monastery, under the presidency of Bishop Eugenios of
Ierapetra. Delay has been caused by legal wrangles connected with development on what protesters claim is state forest land. Date palms, which are protected, grow in some places earmarked for
building. For more than 30 years, Toplou
abbot ("Igoumenos" in Greek) Philotheos Spanoudakis has dreamt of such a development, which he hopes would incorporate several big hotels, a marina
village, golf course, conference hall, stadium and replica of the ancient theatre of
Epidavros. Annual rent for the land would provide revenue for significant regional development and an estimated
3,000 jobs, believes the abbot. On July 20, 2005, Minoan Group announced
that Loyalward Ltd. has signed an agreement with PGA Golf Management
for the management of the Golf Complex at its proposed development in
Cavo Sidero. The largest sustainable development in Europe with
innovative energy-saving techniques is made up of small-scale units
inspired by local architecture. Subsequent phases will include
additional hotels and a marina. European Golf Design Ltd. (EGD) of the
UK prepared the master plan with architects Barr Gazetas of London. Geoff
T. Brown is the Project Director of the luxury complex on
Crete. The Panagia Akrotiriani
Foundation would receive 10% of annual revenues from
Cavo Sidero. Loyalward would launch an environmental protection programme
to conserve the palm forest at Vai, and restore vegetation around the
holiday villages that has been damaged by decades of unrestricted grazing
by sheep and goats. An olive oil is also produced under the Toplou label
from organically-grown olives. The resort will include five luxury
hotels with 360 villas and 460 rooms, accommodating up to 7,000 visitors, one 9-hole
and two 18-hole golf courses with a professional golf academy, athletic
facilities (basketball, volleyball, swimming pool of Olympic magnitude,
horse riding club, archery, tennis academy, etc.), a conference centre
that can cater for up to 1,200 delegates, a marina with 200 berths, a
centre of art and theatre, shopping malls, etc. "There are UK companies represented here
today who are determined to be in the vanguard of foreign investment in
Greece. They want to start projects that will create Greek jobs and enhance local regional economies. The go-ahead for projects like Loyalward's in
Crete, worth £300 million, would create the largest high-quality tourism resort in Europe. This would send a clear signal that Greece is a place to do business."
-- The Rt. Hon. Baroness Symons of Vernham Dean,
speaking to members of the British-Hellenic
Chamber of Commerce at a luncheon held at The Athens Club on March 27, 2003. Kempinski to manage five-star hotel in Minoan Group's prestigious Greek resort April 30, 2007 -- Kempinski Hotels and Minoan Group PLC are pleased to announce that Kempinski will manage a five-star luxury hotel within the extensive Cavo Sidero resort being developed on Crete. The hotel is expected to open in 2010. Cavo Sidero is situated on a spectacular peninsula in north-east Crete, where Minoan aims to create a stunning new environmentally sensitive luxury holiday destination based upon the principles of sustainability. Formal approval by the Greek Government of Minoan Group's Environmental Impact Study was published on February 18, 2007. The 25 km2 site will The Kempinski hotel will feature 180 rooms and suites, plus 10 Presidential Suites. Hotel facilities will include a number of restaurants and bars, tennis courts plus a large scale spa with indoor pool. The hotel will be set in extensive private landscaped gardens directly on the coastline. Cavo Sidero with its rich cultural heritage is less than 30 minutes from Reto Wittwer, President & CEO, Kempinski, said "We are looking forward to working with Minoan to bring our unique brand of luxury to Crete. This is an exciting development and we will ensure that we offer our guests an experience of Crete that is out of the ordinary." Christopher Egleton, Chairman of Minoan, said "I am delighted that we are now in partnership with a group synonymous with distinctive luxury in hospitality. This agreement confirms Cavo Sidero’s positioning as one of the most exclusive and unique resorts in the Mediterranean." In 2007, Kempinski Hotels is celebrating 110 years of history, exclusivity and distinctive luxury. During this time, Kempinski hotels have hosted international celebrities, witnessed meetings between the world's leaders and been a part of creating history around the globe. Experience Kempinski's unique heritage at one of the group's prestigious properties in Europe, the Middle East, Africa, South America and Asia. Kempinski is a member of the Global Hotel Alliance, which currently comprises seven luxury brands encompassing 153 upscale and luxury hotels with over 46,000 rooms in 39 different countries. Each brand is a key player in their main region of operation: Kempinski in Europe, Middle East and Africa, Omni in North America, Pan Pacific in the Pacific Rim, The Leela Group in India, Dusit in Thailand, Landis in Taiwan and China, and Marco Polo in China and Hong Kong. Global Hotel Alliance will continue to grow to include selected hotel brands in those regions not currently covered by the alliance. Minoan Group PLC is a leisure property development company devoted to turning a peninsular site located at Cavo Sidero in Eastern Crete into a major new, environmentally sensitive, premium quality holiday resort destination. The Directors of Minoan, have recently announced that the Company intends to move to AIM. The last day of dealings on PLUS Markets is expected to be Tuesday, May 1, 2007 and the first day of dealings on AIM is expected to be Wednesday, May 2, 2007. Kempinski Hotel (anticipated opening: 2010) DESCRIPTION: LOCATION: FACILITIES: Minoan Group PLC related links and reports: Minoan
Group PLC (formerly Loyalward Group PLC): company profile Minoan Group PLC: Greek government to speed up tourism developments
[February 21, 2005] IAF Group PLC and Loyalward Group PLC resolve outstanding commercial issues
[November 19, 2002]
OTHER GOLF-INTEGRATED RESORT DEVELOPMENT AND
MASTER-PLANNED COMMUNITY PLANS AND PROJECTS IN THE PIPELINE IN GREECE
Lasithi, Crete: Click here to download a five-page
introduction (715 KB) of an excellent investment opportunity in Lasithi . Kilada Hills Golf Resort, Argolis,
South-East Peloponnese:
This magnificent EUR 109 million -- including the cost of land, but
excluding the cost of sales, marketing and promotion -- golf and spa
resort is to be developed near the village of Kilada in Argolis, ten
minutes from Porto Heli (one of the most upmarket second-home residential areas in Greece)
and thirty minutes from the isle of Spetses.
Both destinations are popular with some of the most affluent
Athenian families, in part due to the fact that they are the only
resorts of this quality within easy reach from Athens. Located within
approximately two hours’ driving distance from Athens, Kilada Hills Golf Resort
was the brainchild of the late Mark Potriadis. Nestled on a hillside above the
nearby fishing village of Kilada, approximately 175 km. from Athens,
the late developer secured a large plot of land among olive groves that
he was planning to turn into a high-end master-planned golf-integrated residential resort to be developed in the
Peloponnese. The 202-hectare resort is planned to comprise a brand-name luxury hotel, more than 450 residential units, an 18-hole golf course, marina, beach club and other leisure activities spread over more than 200 hectares of land. With most of the key development permits already in place for the first phase of the resort including the golf course and the hotel, construction is expected to begin in 2007, positioning Kilada Hills as one of the first golf-integrated residential resorts to come to market in
Greece (Navarino Resorts, in South-West Peloponnese, and Cavo Sidero,
in North-East Crete, are the others). Bordered to the east and south by the sea,
this planned development has
dramatic landscapes, an idyllic green rural countryside, perfect water
and a blissful climate. The developer has created a well-rounded
strategic investment plan to achieve market leader status in Greece
and the East Mediterranean countries, which are emerging golfing
destinations. "We
are going to do it in a Greek style, keeping the maximum number of
olive trees, and making the least impact on the landscape," said
the late Mark Potiriadis in an interview published in
The
Observer in May 2005. It is hard to envisage such a
large-scale development in what has been a sleepy part of the country.
But Greece does seem to be waking up to the potential of the overseas
property market to bring in investment to the local economy. Jack Nicklaus has been appointed to design a Signature Golf Course,
whileKilada's developer, Dolphin Capital Investors (DCI), is in final discussions with a leading resort operator for the management of the
resort (for further information on this project,
please contact
INVgolf). Kilada Hills Collection, Argolis, South-East Peloponnese: The brainchild of Kilada Hills Golf Resort started with the development of a much smaller project nearby, the Kilada Hills Collection, right on the sea and close to an established property investment area. A less-than-two-and-a-half-hour drive from Athens, or a mere 35-minute helicopter transfer, set among gently rolling hills, valleys, vineyards and family estates can be found the exclusive new retreat of Kilada Hills. The Kilada Hills Collection is a planned development of 11 striking contemporary houses masterminded by the late Mark Potiriadis. Right in front of these very high-end villas, one can swim in the clear blue waters of the Argolic Gulf. The late developer and architect was inspired by the site itself, he said, to build a collection of houses that draw inspiration from the Greek cube, with creations in concrete and glass. "Greek architecture is dominated by respect for neo-Classicism and folk architecture," said the late developer, who recently passed away. "There are few modern houses and Greeks have not been exposed to them. A lot of people are against these houses at first, but then they warm to them." The late developer spent 34 years practicing in the UK -- specialising in leisure resorts and free-form swimming pools -- before returning to Greece in 2000 to help the country prepare for the Athens 2004 Olympic Games. Kilada is located not far from Porto Heli, a two-and-a-half-hour jaunt by Flying Dolphin from Piraeus, while the islands of Spetses, Hydra and Poros are a sea-taxi ride away. The houses themselves are aimed at the top of the market, from 240 square metres of living space upwards, each including at least four bedrooms and bathrooms as well as home cinema, extensive terracing and an infinity pool. Everything is suitably high-spec, from the Pilkington K glass used in the floor-to-ceiling glazing and balustrades, to the fittings and furnishings from the likes of Phillipe Starck, B&B Italia and Duravit. There is underfloor heating and cooling, state-of-the-art security and technology and outside landscaping that will include a huge sum spent on mature cypresses and other trees. For a fully finished house including everything but the furniture buyers will pay around EUR 3,500 per m2. The showhome, with all its fittings and furnishings, is on the market for EUR 3 million. What is unusual is that only two of the houses are completed; the rest will remain as shells, allowing the buyer to decide exactly how they want each of the floors to be configured, where they want the pool, and to choose their own fittings. Buyers will also have the final say on what colour their house is painted: the two finished so far are a burnished orange and an acrylic blue. Early interest for the purchase of these properties has come from Germany, the Lebanon and the U.S. -- as well as Brits and Greeks. In November 2004, Kilada Hills won the 'Best Greek Development Award' and the 'Best Interior Design Single Unit Award' in the Bentley International Property Awards. The awards are widely accepted as being the Oscars of the property world and have the largest international representation of any recognised property awards (for further information on this project, please contact INVgolf).
FURTHER INFORMATION
USEFUL CONTACTS IN GREECE Hellenic Golf Federation
Hellenic Golf Federation The PGA of Greece
The Professional Golfers'
Association of Greece Board of Directors (elected on September 4, 2005):
The PGA of Greece's primary objectives are to promote and administer professional golf in Greece. In support of these objectives, the Greek PGA responsibilities are to:
Jannis Patellis Jannis Patellis, former president of the Greek National Tourism Organisation (EOT), is the author of a 1999 consultancy document in Greek ("The Strategic Framework of Regional Directions for the Development of Conference Tourism and Golf Infrastructure in Greece" on the development of conference tourism and golf infrastructure. Patellis, who now runs his own consulting business in Athens, can be contacted at: J. Patellis Consultants - Ergomichaniki Ltd. "Golf & Tourism in Greece" magazine Golf & Tourism in
Greece
The Golf & Tourism in Greece magazine is the only publication in Greece that focuses on golf and at the same time promotes Greece as a new golf destination. The magazine's circulation is 20,000. A total of 5,000 of these copies are mailed abroad to golf clubs and federations, travel agencies, golf equipment companies, golf investment enterprises and to many important golf personalities. In Greece the magazine is distributed throughout the country to major Greek and multinational companies, banks, hotels, foreign embassies, government officials, golf clubs and schools. The publication is a non-profit activity, its aim being the promotion of the game of golf in Greece. It encourages and facilitates contacts between interested parties, investors, landowners and construction companies. Published every three months in Athens and circulated free of charge, the magazine is a "labour of love". The publication's brainchild and charismatic Managing Editor, Ellie Abravanel Valsamidis, is one of the most pro-active promoters of golfing and golf development in Greece, both locally and internationally. She is Honorary Secretary of the Ladies Golf Club of Greece and Honorary Member of The Professional Golfers' Association of Greece (PGA of Greece). Athens Golf Club (AGC), Glyfada Athens Golf Club SA AGC operates the canteen of the Glyfada Golf Club's clubhouse and offers golfers and non-golfers beverages, snacks, meals, lunch and an excellent service. In addition to this service, the Athens Golf Club runs a special outside catering department. All you have to do is welcome your guests; the AGC will take care of the rest, providing you with delicious dishes and excellent wines, served by experienced waiters. Sources: Business File, a survey of the Greek tourism industry by Robert McDonald (March 2003), Business File (Building blocks, special survey no. 41, October 2001), INVgolf, INV International Ltd., Kathimerini English Edition, Dimitris Yannopoulos, Athens News business editor, Lloyd's List, AGC; Sasaki Associates, Inc. - Architects, Landscape Architects, Planners. Last updated: May 25, 2008.
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