Grivalia’s Mega Projects and Golden Achievements

Having completed a first cycle with six ultra-luxury hotels, four major development projects worth €350 million, and 450 hotel keys, Grivalia charts the next phase of investments, further strengthening its position in the hospitality and real estate sectors both within and outside Greece. Notably, in just seven years, Grivalia has managed to increase its valuation to €1 billion, allowing its shareholders to double their initial investment. These achievements place Grivalia among the top players in Southern Europe with comparable growth rates. Upcoming projects include the large-scale tourism developments Project Blue in Mykonos and Six Senses Megalonisos in Evoia. Additionally, Grivalia is promoting branded residences at Porto Heli under the Aman chain as part of the expansion of the Amanzoe luxury resort. The performance of Grivalia’s operational hotels is equally impressive. For instance, the One & Only Aesthesis, fully owned by Grivalia, has seen nearly triple the number of bookings compared to last year. It is estimated that within a three-year horizon, the Glyfada resort will increase its value threefold. Similarly, the 91 Athens Riviera in Voula has attracted over 120 members to its private Members Club in its first six months of operation, while the On Residence in Thessaloniki also reports rising performance. Grivalia Development manages developments for third parties, leveraging the company’s expertise in high-quality projects. To date, Grivalia has delivered €2 billion in profits to Fairfax Financial Holdings, which controls the real estate investment group. Given that Fairfax has withdrawn €3 billion from all its Greek investments (Eurobank, Eurolife, Metlen, Praktiker), it is clear why Grivalia is considered the flagship of its portfolio. The Canadian investment fund has invested €320 million in three phases and has already recovered €80 million through dividends and capital returns, reducing the actual acquisition cost of 55% of the company to €240 million. Following the merger of Grivalia with Eurobank, Fairfax acquired an additional 23.4% stake in the bank, now valued at €2.25 billion.