Kipriotis Group Hotels

EXCLUSIVE: That is the court decision for Kipriotis Group. Triumph…


According to well-informative sources, the single-member Court of the first instance in Kos rejected the request made by Eurobank and Piraeus bank in order for Kipriotis Group to enter into special management regime and to be divested.

The decision, which is published exclusively in, states that Kipriotis Group is a viable and profitable business, able to repay its borrowing. Actually, these Court decisions are “certified” by the business plans submitted by the Group and which have been audited by international auditing companies, accepted by the banks.

The Lawyer

The lawyer who handled the case, Mrs. Evagelia Kotsidou, from Law Firm Evagelia Kotsidou and Associates, stated in “The decision is a VICTORY of Greek Hoteliers. It’s the JUDICIAL VINDICATION of Greek Tourism over the Banks and the foreign funds. The Greek Justice supported the Greek Businesses, the employees and the National Economy”.

Kostas Kipriotis

Valid observers, who were looking forward to the decision, note: “After the Court decision that vindicated one of the biggest Greek hotel groups, «G. KIPRIOTIS & SONS SA» over the two biggest systemic banks, it is obvious that the issue of delayed loan management should be changed immediately. That should be done for the benefit of the greek economy, the job retention, the business revival and the attraction of considerable investments in Greece, without bank strangleholds, unrealistic proposals of (no) regulations and destructive and bidding business divestments”.


The History

It is noteworthy that, despite the intense dispute between the two sides, Kipriotis Group had paid up the agreed amounts to the banks until 2016. Moreover, in the banks request there is reference to the financial data of previous years, specifically 2014, 2015, 2016, when the island and the tourism had been affected by the immigration.

In addition, not only does the Group serve its liabilities properly, but it also has no overdue debts in the Public and Insurance Funds. Furthermore, throughout the crisis the Group did not dismiss employees -on the contrary, it recruited and increased the number of employees.

According to sources, the repayment of the borrowing to the banks is within the immediate priorities of the Management. High efforts will be made to accomplish that, since under no circumstances did the Group pursued to operate without having repaid the loans.


The Company

The company “G. KIPRIOTIS & SONS SA” is a completely Greek family business which has been active for 31 years, since its establishment in 1987, in the field of tourism through the operation and exploitation of:

  • Five (5) luxurious hotels, of four and five stars (4* and 5*), which have 522 rooms and 5,079 beds with the names «Kipriotis Village», «Kipriotis Hippocrates», «Kipriotis Maris» «Kipriotis Panorama», «Kipriotis Aqualand»
  • Two (2) state-of-the-art Conference Centres with total capacity of at least 500 conferrers (and smaller conference venues), one of the largest in Europe
  • A number of other facilities (including 12 restaurants, 15 swimming pools, 2 spa and wellness areas, 15 shops, 2 theaters, 2 waterparks, stadiums, sports facilities, etc.).

All the above facilities are located in Kos (Psalidi area), with the total area of the building / hotel facilities now being 133,235 sqm., on plot areas of 286,586sqm.

This investment has been funded in the amount of 55,000,000€ by Kipriotis family, and in the amount of 30,000,000€ by the operational profits of the company.

Statistically, the company a) has invested 0.5% of Greece’s total investments in the hotel industry, b) is ranked in the twentieth (20th) position nationwide in relation to all hotel groups and hotels operating in Greece, c) has 5% of the capacity in beds in all four and five star hotels in the South Aegean (Dodecanese and Cyclades), d) has 2.8% of the capacity in beds in all of the Luxury, A’ and B’ categories, of the South Aegean (Dodecanese and Cyclades), e) the Group’s hotels host the 3,22% of total nights in Hotel Accommodation in South Aegean (Dodecanese and Cyclades).kipriotis

The Operation

All of the above-mentioned hotel units, as well as the Conference Centres, have been completely operational since their establishment and are fully equipped. They are also provided with all the necessary GNTO licences etc, which are required for the operation of the whole complex, and operate under international Quality and Safety Certificates.

The company employs more than 700 employees annually, while it cooperates with the largest international tour operators and agencies – Tour Operators.

It is also worth noting that the company, consisting of the above hotel units, hosts about 4,000 – 4,500 customers on daily basis, accounting for approximately 22% of the permanent Kos town population, while in the hotels 550,000 nights take place on average every tourist season (from April to October of each year). Every day 12,000-13,000 meals are produced for serving the customers. For example, during the period 2012-2016, there were 1,043,386 room night stays and 2,747,687 people night stays.

In the Conference Centres, the largest scientific (medical, pharmaceutical, etc.) and informative conferences take place.

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