Prodea invests €346m in hotels and luxury residences
Through MHV, Prodea is developing hotel and residential projects in Greece, Cyprus and Italy, with €252m hotel CapEx and €94m residential CapEx.
Prodea Investments, through its Mediterranean Hospitality Venture (MHV), is expanding its footprint in Greece, Cyprus and Italy, combining hotels, luxury residences and office space. According to Aristotelis Karytinos, CEO of PRODEA, and Achilleas Dorotheou, CEO of MHV, the hotel investment program includes CapEx of approximately €252 million for development, reconstruction and upgrades of nine hotels totaling 1,253 rooms, with a current Gross Asset Value of €671 million expected to exceed €1.23 billion once investments are completed.
In the residential segment, CapEx stands at €94 million for more than 18,000 square meters of development, with an estimated average sale price of around €11,400 per square meter.
In Cyprus, The Landmark Nicosia, Autograph Collection, received a €90 million investment, while the same complex includes The Landmark Residences tower, where 38 units have already been sold, and The Landmark Offices tower, which is 60% leased. In Limassol, Parklane, a Luxury Collection Resort & Spa, operates with 222 rooms and 34 suites, while the Residences at Parklane are in development.
In Greece, the portfolio includes Moxy Athens City, Ergon House Athens, the under-development Domes Mitropoleos, Aliis Resort Porto Heli – MGallery Collection with first-phase completion in June 2027, Porto Paros Resort with completion expected by 2030, and the paused expansion of Domes White Coast in Milos, set to resume in early 2027.
In Italy, Bellevue Suites & Spa in Cortina d'Ampezzo is undergoing a full renovation and is expected to operate under Accor's Emblems Collection brand.