Azur Selection of the Arvanitakis group has started the preliminary works for the construction of the hotel complex of 300 rooms with a wide range of facilities, in the coastal location of Lampiriubetween Patras and Aegion.
The schedule for this project, named ‘Mare Terra’, calls for the start of work in late 2024 and commissioning around the second half of 2026.
Having literally gone through… fire, the planned investment of the Arvanitakis group in Achaia for the utilization of the area of the former Club Mediterannee, is now on the rails.
It is about the area in Lambiri of Aegialia, also known as “Maria Panagiotopoulos’ bequest” that had burned in the summer of 2021 and is under the management of the Philanthropic Association of Lambiri.
Reveals for the 5-star in Lambiri – This is the plan for Terra Mare
The area was leased with a long-term concession to the Arvanitakis real estate holding group, for the construction of a 5-star resort, with a capacity of 300 beds, with additional catering facilities, a wellness center, sports infrastructure, etc.
The amount of the investment for the 5-star tourist complex planned by the group, also known from the other projects it has in progress in the tourism industry inside and outside Greece through Azur Selection listed on the Euronext Access market in Paris, is estimated at 40 million euros , euros, while the annual rent corresponds to 80,000 euros.
The Club Mediterranee on a verdant seaside area of 70 acres in Labiri, Achaia, between Patras and Aegion, with an entrance from the old Patras-Athens highway, was a point of reference in the distant 70s for the then tourism data of the country, constituting a pole attraction for foreign visitors to the country, especially those from France, having the ability to host 1,300 visitors.
It was in 1993 that Club Med went out of business and was subsequently abandoned with efforts to redevelop it following but not particularly thriving during the decade of the country’s fiscal crisis.
The Arvanitaki group was the one that first came closer, two years ago, expressing its interest in the project following the long-term lease competition for 40+ 8 years for the 70.3-acre property.
The fifth consecutive bidding process was completed in the early summer of 2021, only to be followed by the large destructive fire of the same summer in Ziria and the seaside property, creating major obstacles to the completion of the deal. It took the on-site autopsies from the investors to the final “yes” for the signatures to fall now.
It should be noted that based on the tender, 29 acres of the total area is completely usable, while the rest has certain forest restrictions that also bind the bidder. The investor’s plan corresponds, as mentioned above, to a five-star tourist complex with 300 beds with accompanying facilities and an expense, which can reach 40 million euros on the one hand due to the extensive damage to the complex and on the other hand due to the increase in the cost of materials. The goal, according to the information, is to fully restore the greenery throughout the area.
Aegialia: On the final stretch for the Mare Terra hotel complex – When will the former Club Mediterranee be ready
It should be noted that the Arvanitakis group and in particular its hotel “vehicle” Azur Selection, listed on the growth market of Euronext Access, as part of the Paris Stock Exchange for smaller and medium-sized companies, was founded by Mr. George Arvanitakis and has ambitious plans. expansion within and outside Greece with projects from Mykonos to the Blue Coast.
It is indicative that the company’s investment plan until 2025 includes the doubling of its hotel portfolio to 10 units with 1,400 beds.
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