The project is being launched in Mykonos by AGC Equity Partners -an Arabian interests company- in the Karapetis region of Ano Mera, Mykonos, an investment estimated at 60 million euros. AGC Equity Partners based on two strong state funds Abu Dhabi and Kuwait made its debut in the Greek market acquiring Asteras Vouliagmenis for an amount of 400 million euros.
According to sources familiar with the matter, AGC is already in talks with at least three international managers, including Four Seasons, with which it also collaborates with Asteras Vouliagmenis.
The project has encounter strong objections from the Municipality of Mykonos, which has questioned the legality and constitutionality of the approved ESCHASE and has already challenged the relevant presidential decree with a request for annulment to the Council of State (Government Gazette DD 304 / 10.6.2020). The case was heard in the Plenary Session of the Court on 5.2.2021 and a relevant decision is expected.
It is worth noting that the municipality has expressed its opposition to the proposed layout and form of single-storey and two-storey buildings of the "village" hotel accommodation, as incompatible with the island of Mykonos, which completely opposes the traditional character of the island. In addition, the municipality is negative and has appealed to the STE with the construction of a port for yachts longer than 24m (super-yachts) in Karapeti.
Regarding the size of the investment according to the municipality, the provision of creating a 5 * hotel with a capacity of 192 beds is directly contrary to the existing ZOE of the island, which sets a maximum of 150 beds for 5 * hotels.
It is reminded that in addition to the 192-bed hotel, a wellness center (spa), multi-purpose event space, shops, a tourist port, a helipad and a cable car will be created. 65 one-room houses with an area of 45-50 sq.m., 15 houses of 70 sq.m., 9 2-room houses of 100 sq.m., 5 3-room houses of 130 sq.m. and a villa of 160 sq.m.
