- Project Cost: €121 million investment led by the Vasilakis-Sbokou families.
- Location: A tourism complex in “Skouros,” South Heraklion, spanning 155 acres.
- Features: 5-star hotel with 140 rooms, 30 luxury villas, organic gardens, and wellness facilities.
- Employment Impact: Estimated 83 new permanent jobs.
- Strategic Context: Improved access from a new airport at Kastelli.
A Grand Investment in the Heart of South Crete
Some might say South Crete has long been the quiet cousin at the family table of Greek tourism. Picturesque, yes, but largely untouched by big-budget hospitality. That’s about to change as the Vasilakis and Sbokou families, operating under the PHĀEA banner, greenlight a colossal €121 million plan to reshape “Skouros,” a corner of Heraklion that’s as remote as it is ripe for transformation.
The ambitious project aims to construct a sustainable tourism complex, ticking all the boxes of modern luxury with just enough eco-conscious veneer to charm the sceptics. At the heart of it? A 5-star hotel featuring 140 rooms, because anything less would be uncivilized. Add to that 30 chic, tourist-ready villas, a wellness spa poised to exfoliate its guests’ stress, and communal spaces bathed in luxury—like pools, restaurants, and organic gardens. Because nothing screams relaxation like a zucchini that grew just for you.
Location, Location, Accessibility
Sceptics might wonder: why “Skouros,” an area so far removed from Heraklion’s urban hum? The answer might sound like a geography lesson gone optimistic. Though the site sits over 60 kilometres from the Heraklion city centre, a shiny new airport at Kastelli, just 38 kilometres away, promises a tourism pipeline. The word on the street—or in this case, the winding country road—is that improved infrastructure will finally connect the area to greater demand, making it the perfect staged marriage of the pristine and the accessible.
Currently, the area’s lack of significant tourism developments could either be marketed as exclusivity or blamed on its somewhat less-than-ideal roadways. “Rustic charm,” anyone? No matter the spin, the project’s sizable 155-acre plot ensures there’s plenty of elbow room to carve out an enclave of luxury.
Key Highlights of the Investment
- Sustainability with a Smile: With organic gardens and an eco-friendly promise, the complex moulds sustainability into an accessory rather than a nuisance. Like solar panels on a Gucci bag, you know it’s there, but it won’t make you think too hard.
- Economic Boost: In addition to local construction jobs, the long-term goal is 83 new full-time positions. Because who doesn’t love making job creation sound charitable while opening luxury resorts?
- Project Leadership: Spearheaded by “MYRINA VILLAGE AE,” with heavy hitters from both the Vasilakis and Sbokou families sitting on the board. Their résumé already includes successful ventures like the Blue Palace in Elounda, ensuring this isn’t their first rodeo—or infinity pool design.
Interestingly—or ironically, depending on your mood—the shareholders had earlier contributed an additional €6.89 million in capital to push the project forward. And yes, public funding laws have been invoked to recognize this mega-plan as strategic, slotting it under Greece’s hotly debated Strategic Investments framework.
Revisiting Old Blue with a New Hue
Speaking of Elounda, the greatly admired yet timelessly envy-inducing “Blue Palace” is also getting a glow-up. The same group recently secured approvals to revamp the property into a Composite Tourism Complex (a term fancy enough to be left unexplained). This reimagination involves splitting two existing 5-star hotels into three smaller 5-star hotels, for no discernable reason other than the faith that smaller, pricier boutique arrangements are irresistible.
One of the new hotels and select villas will carry the branding of Rosewood Hotels & Resorts, a global chain entering Greece for the first time in 2026. The novelty? Leveraging an existing elite brand to ensure buzz rather than a risky gamble on originality.
The Bigger Question
While the moves might seem calculated, it’s hard to ignore the larger undertow: can even a €121 million investment singlehandedly resurrect South Crete’s tourism credentials? Or will this oasis of luxury sit isolated, a well-dressed ghost in one of Greece’s few underdeveloped corners? Time, tourists, and travel agents will tell.
In any case, it’s safe to say Crete is no stranger to reinvention. If this venture succeeds, it may pave the way for other ambitious projects. If it fails, well, at least there’ll be a very nice set of ruins for someone to archaeology a few centuries from now.
