Grecotel S. A., part of N. Daskalandonakis Group, is the largest luxury hotel chain in
Greece
Greece, officially the Hellenic Republic, is a country in Southeast Europe. Located on the southern tip of the Balkan peninsula, it shares land borders with Albania to the northwest, North Macedonia and Bulgaria to the north, and Turkey to th ...
.
History
As of 2014, the company reported a turnover of 151 million euros, 1.85 million lodging nights.
Grecotel has a total of 40 hotels as of 2025. Hotels in the Peloponnese and Crete operate from March to mid-November; the resort at
Cape Sounio (
Attic Riviera) is operational until late December.
[
N. Daskalantonakis Group, the main owner of Grecotel, is a ]family business
A family business is a commercial organization in which decision-making is influenced by multiple generations of a family, related by Consanguinity , blood, marriage or adoption, who has both the ability to influence the vision of the business a ...
, Greece's leading tourism businesses, which is reportedly involved in 60 companies.
German tour operator TUI Group
TUI AG (trading as TUI Group) is a German multinational leisure, travel and tourism company; it is the largest such company in the world. TUI is an acronym for ''Touristik Union International'' ("Tourism Union International"). TUI AG was known a ...
acquired 50% ownership of Grecotel in 1981. The brothers Nikos and Takis (1931–2012) Daskalantonakis (Δασκαλαντωνάκης), olive oil traders of Rethymno
Rethymno (also Rethymnon; ) is a city in Greece on the island of Crete. It is the capital of Rethymno regional unit, and has a population of more than 35,000 inhabitants (nearly 40,000 for the municipal unit). It is believed to have been built ...
, 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.[Dionysis Thanasoulas]
Ο πόλεμος των Δασκαλαντωνάκηδων
Mononews 22 July 2017.
In the years leading up to the 2004 Summer Olympics
The 2004 Summer Olympics (), officially the Games of the XXVIII Olympiad (), and officially branded as Athens 2004 (), were an international multi-sport event held from 13 to 29 August 2004 in Athens, Greece.
The Games saw 10,625 athletes ...
in Athens, the owners made substantial investments which however did not yield the expected results. After the 2008 financial crisis
The 2008 financial crisis, also known as the global financial crisis (GFC), was a major worldwide financial crisis centered in the United States. The causes of the 2008 crisis included excessive speculation on housing values by both homeowners ...
, 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 after the 2008 financial crisis
The 2008 financial crisis, also known as the global financial crisis (GFC), was a major worldwide financial crisis centered in the United States. The causes of the 2008 crisis included excessive speculation on housing values by both homeowners ...
, turning into " immigrant ghettos" rife with crime, coinciding with a drop in lodging nights in hotels there.[
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 Mari Daskalantonaki (wife of politician ]Nikolaos Sifounakis
Nikolaos Sifounakis () (born 21 December 1949 in Rethymno) is a Greece, Greek politician, former Minister for the Aegean and Island Policy (Greece), Minister for the Aegean and ex-member of the European Parliament (MEP). He was elected on the Panh ...
) won the case against his now-ex-wife and his other two children in Supreme Court
In most legal jurisdictions, a supreme court, also known as a court of last resort, apex court, high (or final) court of appeal, and court of final appeal, is the highest court within the hierarchy of courts. Broadly speaking, the decisions of ...
decision 1340/2017.[
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.New General Manager appointed to lead Grecotel on its 40th Anniversary]
incentivetravel.co.uk 9 November 2015. Today, Grecotel Hotels & Resorts is the leader in the luxury hospitality in Greece, with THE DOLLI at Acropolis being named #1 Hotel in Greece for 2024, by CNT Readers' Choice Awards among many other accolades for its properties, spanning 15 destinations.
See also
* Tourism in Greece#Infrastructure
* Association of Greek Tourism Enterprises
References
{{reflist
External links
agrecofarms.gr
Hotels in Greece
Hospitality companies of Europe
Hotel chains
TUI Group
Year of establishment missing