Grecotel

Grecotel
Company typePrivate
IndustryHospitality
FounderDimitris Pierides
Headquarters
Rethymno, Crete
,
Greece
Number of locations
35 hotels
Area served
Greece
Key people
Nikos Daskalandonakis
Number of employees
Increase 6,100[1][2]
ParentN. Daskalandonakis Group
Websitewww.grecotel.com

Grecotel S. A., part of N. Daskalandonakis Group, is the largest luxury hotel chain in Greece.

History

As of 2014, the company reported a turnover of 151 million euros, 1.85 million lodging nights.[3] Grecotel has a total of 35 hotels as of 2017. Hotels in the Peloponnese and Crete operate from March to mid-November; the resort at Cape Sounio (Attic Riviera) is operational until late December.[2]

N. Daskalantonakis Group, the main owner of Grecotel, is a family business, one of Greece's largest tourism businesses, which is reportedly involved in 60 companies.

German tour operator TUI Group acquired 50% ownership of Grecotel in 1981. The brothers Nikos and Takis (1931–2012) Daskalantonakis (Δασκαλαντωνάκης), olive oil traders of Rethymno, Crete, in 1976 opened their first hotel outside of Rethymno, Rithimno Beach. Other hotels in Crete followed in the late 1970s to early 1980s. They bought 50% of Grecotel from Cypriot businessman Dimitris Pierides in 1986.[4]

In the years leading up to the 2004 Summer Olympics in Athens, the owners made substantial investments which however did not yield the expected results. Thus, with the financial crisis of 2007–2008, the company came into difficulties and in 2012 had to be rescued by TUI Group. The investments specifically concerned the hotels in the historical center of Athens, which fell victim to chronic degradation in the wake of the financial crisis, turning into "immigrant ghettos" rife with crime, coinciding with a drop in lodging nights in hotels there.[4]

Within the Daskalandonakis family, there was a prolonged legal dispute over the control of the business, sparked by the financial difficulties, lasting from 2008 to 2017. Founder Nikos Daskalandonakis and his daughter Marie Sifounakis (wife of politician Nikolaos Sifounakis) won the case against his now-ex-wife and his other two children in Supreme Court decision 1340/2017.[4]

In 2015, TUI sold its share of the company to the private owners, the Daskalantonakis family. There was some speculation in Greek media regarding possible disputes over further investment plans as the reason for this decision.[5][6]

See also

References

  1. ^ Grecotel Breaks New Ground in 2018, €42 Million in Investments, 630 New Jobs, Grecotel 28 July 2018
  2. ^ a b Βασίλης Μηναδάκης: Γενικός διευθυντής της Grecotel, Kathimerini 21 November 2017.
  3. ^ Grecotel: Ολοκληρώθηκαν επενδύσεις 25 εκατ. ευρώ το 2014, Naftemporiki 21 November 2014.
  4. ^ a b c Dionysis Thanasoulas, Ο πόλεμος των Δασκαλαντωνάκηδων, Mononews 22 July 2017.
  5. ^ TUI verkauft ihre Beteiligung an der Hotelkette Grecotel FVW Medien, 3 July 2015.
  6. ^ New General Manager appointed to lead Grecotel on its 40th Anniversary incentivetravel.co.uk 9 November 2015.