# Tzarakis family to invest €85m in new Ierapetra hotels

> The Tzarakis family plans a new five-star hotel with 150 rooms and an expansion of Ostria Resort & Spa in Ierapetra, totaling €85 million.

- **Section:** New hotels
- **Published:** 2026-11-06
- **Publisher:** Voyage (https://thevoyage.gr)
- **Type:** our own summary of someone else’s reporting
- **Source:** Money Tourism — https://money-tourism.gr/ependyseis-85-ekat-e-apo-tin-oikogeneia-tzaraki-stin-ierapetra-neo-pentastero-xenodocheio-epektasi-kai-riziki-anavathmisi-tou-ostria-resort-spa/

The Tzarakis family, owner of the five-star Ostria Resort & Spa in Ierapetra, is launching an investment program totaling €85 million. The plan includes the expansion and upgrade of the existing property, as well as the construction of a new standalone five-star plus hotel.

For Ostria Resort & Spa, investments of €35 million are planned, including 60 new accommodation units on a 15-stremma plot expected to open in April 2029, the upgrade of 160 rooms along with a new reception area and an indoor heated pool, and 50 additional Lux-category rooms by 2030.

At the same time, a new five-star plus hotel with 150 rooms is planned on an adjacent 38-stremma plot, with a budget of €50 million. The project is at an advanced planning stage, though no public operational timeline has been announced.

Ostria Resort & Spa currently has about 350 rooms and 1,250 beds, with turnover of around €20 million. The business began in 1997 when George Tzarakis purchased a small hotel and 8.5 stremmata, and the family now holds a total of 220 stremmata of land.

## Related from Voyage
- https://thevoyage.gr/en/a/five-regions-approve-grant-payments-for-new-hotel-investments

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This summary was written by Voyage based on reporting by Money Tourism. The full article is at https://money-tourism.gr/ependyseis-85-ekat-e-apo-tin-oikogeneia-tzaraki-stin-ierapetra-neo-pentastero-xenodocheio-epektasi-kai-riziki-anavathmisi-tou-ostria-resort-spa/. Canonical URL of this page: https://thevoyage.gr/en/a/tzarakis-family-to-invest-85m-in-new-ierapetra-hotels