Grivalia Hospitality is investing over €60 million in the first phase of the Amanzoe expansion in Porto Heli with a new seaside villa complex.
According to a statement by George Chrysikos, president of Grivalia Hospitality, the expansion will consist of five villas, designed according to Aman standards and fully aligned with the sustainability commitments and philosophy of the Amanzoe brand.
According to him, the project, with a budget of over €30 million, includes a total of five villas: four spacious three-bedroom villas, each with an area of approximately 780 to 810 square meters, and one two-bedroom villa of approximately 650 square meters. In total, the estimated buildable area reaches 3,900 square meters, with particular attention paid to the layout to maximize comfort, privacy, and views throughout the area.
Construction of the villas is expected to begin in the summer of 2025 and be completed by the summer of 2027, with sale prices estimated to start at €20,000 per square meter. It should be noted that, as with the other Amanzoe properties, the owners live there for part of the year and entrust the management and operation of their properties to Grivallia Hospitality for the rest of the year.
The creation of a tennis court behind the Beach Club is also being considered as an additional amenity that will further enhance the attractiveness of the neighborhood.
At the same time, Grivalia Hospitality is planning, in the second phase of the investment program, with a budget of €30 million, the development of six pavilions and two additional villas with three to five bedrooms. No exact timetable has been set for this investment. It should be noted that the Amanzoe expansion projects have been included in the Development Law.
The third phase envisages the development of an additional 17 villas scattered across various parts of the 1,000-acre property. For these villas, the interested party will purchase the land and build the residences under the guidance and cooperation of Grivalia Hospitality.
As noted by Grivalia Hospitality, the carefully selected mix of villas has been designed to meet the significant demand expressed by potential buyers of Amanzoe, as reflected in the sales networks.
Grivalia Hospitality acquired Amanzoe in 2018, with the value of the tourist accommodation estimated at the time at approximately €80 million. Today, according to management, Amanzoe is worth over €300 million. According to Mr. Chrysikos, Amanzoe is the most profitable Aman resort worldwide. It even managed to remain quite profitable during the pandemic. “Amanzoe has 10 years of growth ahead of it with investments of around €100 million,” he noted.
Amanzoe, which operates the largest spa in Europe covering an area of 2,000 square meters, employs an average of 300 people, with the number rising to 400 during the peak summer season. Today, Amanzoe has 38 pavilion-style residences and 15 villas, two of which are under development. With the addition of the five new villas, the complex will have 20 villas and 38 residences, approaching the average of Aman’s international complexes, which have 40 residences and 30-40 villas. It should be noted that in 2024, Grivalia’s revenue from Amanzoe amounted to €35 million
