Grecotel

Grecotel is a Greek luxury hotel chain operated within the N. Daskalantonakis Group, a family-owned tourism business associated with hospitality, travel, and other tourism-related activities in Greece. The chain is described as Greece’s largest luxury hotel group and, according to the available reference material, had 40 hotels by 2025. Its portfolio spans several of Greece’s principal resort and urban destinations, including Crete, the Peloponnese, the Athens area, and other locations collectively covering 15 destinations. The business developed from the Daskalantonakis family’s hotel activities in Crete. Brothers Nikos and Takis Daskalantonakis, originally olive-oil traders from Rethymno, opened their first hotel outside Rethymno in 1976 under the name Rithimno Beach. Additional hotels followed in Crete during the late 1970s and early 1980s. The chain’s ownership structure subsequently included TUI Group, which acquired a 50 percent interest in 1981. The Daskalantonakis family later bought 50 percent of Grecotel from Cypriot businessman Dimitris Pierides in 1986. Before the 2004 Summer Olympics in Athens, Grecotel’s owners made substantial investments, including in hotels in the historic center of Athens. The expected returns did not materialize, partly because the central districts later experienced prolonged deterioration and weaker hotel demand. The wider Greek financial crisis after 2008 placed additional pressure on the company. Grecotel encountered financial difficulties and received support from TUI Group in 2012. At the same time, a long-running dispute within the Daskalantonakis family concerned control of the business. The dispute continued through the Greek courts from 2008 to 2017, when Supreme Court decision 1340/2017 favored founder Nikos Daskalantonakis and his daughter Mari Daskalantonaki against his former wife and two other children. TUI sold its interest back to the private owners in 2015. Greek media reportedly discussed possible disagreements about future investment plans in connection with the transaction, although the available reference does not establish a definitive reason. Grecotel has since continued to position itself around upscale and luxury accommodation, combining destination resorts with city and heritage-oriented properties. Its operating pattern is seasonal in much of the portfolio: hotels in the Peloponnese and Crete generally operate from March through mid-November, while the Cape Sounio resort remains open until late December. The portfolio includes The Dolli at Acropolis, which was named Greece’s number-one hotel in the 2024 Condé Nast Traveler Readers’ Choice Awards, according to the reference material. Grecotel’s business scope is therefore centered on hotel accommodation, resort operations, food and beverage, leisure facilities, and destination hospitality rather than on a single standardized product format.

Grecotel’s roots lie in the hotel activities of the Daskalantonakis family in Crete. Brothers Nikos and Takis Daskalantonakis came from Rethymno and had previously been involved in the olive-oil trade. In 1976 they opened Rithimno Beach, their first hotel outside Rethymno. The family expanded its presence across Crete during the late 1970s and early 1980s, establishing the basis for a broader Greek hotel business. The company’s ownership history included a major partnership with TUI Group. TUI acquired a 50 percent stake in Grecotel in 1981. In 1986, the Daskalantonakis family bought 50 percent of the company from Cypriot businessman Dimitris Pierides. This created a long period in which Grecotel combined family ownership and international-tour-operator participation. The business expanded beyond its original Cretan base into other Greek resort areas and urban destinations. In the period before the 2004 Summer Olympics in Athens, Grecotel’s owners invested substantially in hotels, including properties in Athens’s historic center. Those investments did not produce the expected results. The central Athens hotel market subsequently faced chronic degradation, increased crime, and weaker demand, conditions that reduced lodging activity in the area. The broader Greek financial crisis that began in 2008 created further difficulties for the company and for the country’s tourism sector. Grecotel required support from TUI Group in 2012 as it navigated those financial pressures. Financial difficulties also coincided with a prolonged internal dispute over control of the family business. The legal conflict, which began in the period after 2008, involved founder Nikos Daskalantonakis, his former wife, his children, and other family interests. It continued until a Greek Supreme Court decision in 2017. Decision 1340/2017 favored Nikos Daskalantonakis and his daughter Mari Daskalantonaki against his former wife and two other children. TUI exited the business in 2015 by selling its stake to the private owners. Greek media speculated that disagreements about additional investment plans may have been connected with the transaction, but the available reference does not establish this as a confirmed cause. Following the ownership change, Grecotel continued operating as a privately owned Greek hospitality group. By 2025, the chain was reported to have 40 hotels across 15 destinations. Its portfolio includes resort properties in Crete and the Peloponnese, the Cape Sounio resort on the Attic Riviera, and urban or heritage-oriented accommodation such as THE DOLLI at Acropolis. Much of the resort portfolio is seasonal, with properties in Crete and the Peloponnese generally operating from March to mid-November. Cape Sounio operates later into the year, until late December. Grecotel’s contemporary identity is based on luxury accommodation, Greek destinations, resort experiences, and a mixture of leisure and city hospitality.

• 2025

  Portfolio reported at 40 hotels

  [1]Grecotelen.wikipedia.org

  The chain is reported to have 40 hotels operating across 15 Greek destinations.

• 2024

  THE DOLLI at Acropolis receives a top national hotel ranking

  [1]Grecotelen.wikipedia.org

  THE DOLLI at Acropolis is named the number-one hotel in Greece in the Condé Nast Traveler Readers’ Choice Awards, according to the available reference.

• 2017

  Supreme Court resolves family control dispute

  [1]Grecotelen.wikipedia.org

  Greek Supreme Court decision 1340/2017 favors Nikos Daskalantonakis and Mari Daskalantonaki in the family control case.

• 2015

  TUI exits the ownership structure

  [1]Grecotelen.wikipedia.org

  TUI sells its share of Grecotel to the private Daskalantonakis family owners.

• 2012

  TUI provides support during financial difficulties

  [1]Grecotelen.wikipedia.org

  After the Greek financial crisis, Grecotel encounters difficulties and is rescued or supported by TUI Group.

• 2004

  Pre-Olympic Athens investments

  [1]Grecotelen.wikipedia.org

  The owners make substantial investments in the years leading up to the Athens Summer Olympics, including in historic central Athens hotels.

• 1986

  The Daskalantonakis family buys 50 percent from Dimitris Pierides

  [1]Grecotelen.wikipedia.org

  The family acquires a 50 percent interest from Cypriot businessman Dimitris Pierides.

• 1981

  TUI acquires a 50 percent stake

  [1]Grecotelen.wikipedia.org

  TUI Group becomes a 50 percent owner of Grecotel as the business develops beyond its original Cretan base.

• 1976

  The Daskalantonakis brothers open Rithimno Beach

  [1]Grecotelen.wikipedia.org

  Nikos and Takis Daskalantonakis open their first hotel outside Rethymno, marking the beginning of the family’s hotel expansion.

Greek luxury hospitality with a portfolio spanning resort, urban, and heritage-oriented properties in major Greek destinations.

• Hotel accommodation · 1976

  Grecotel luxury hotels

  The core Grecotel offering is upscale and luxury hotel accommodation in Greece. The portfolio includes resort, urban, and heritage-oriented properties rather than a single uniform hotel format. Services are built around overnight stays, destination hospitality, food and beverage, leisure facilities, and access to prominent Greek tourism locations.

• Resort hospitality

  Grecotel resort hotels

  Grecotel operates resort properties in destinations including Crete and the Peloponnese. These hotels are substantially seasonal, generally operating from March through mid-November, and are positioned around leisure travel, Greek coastal and regional destinations, accommodation, dining, and resort experiences.

• Urban and heritage hotel

  THE DOLLI at Acropolis

  THE DOLLI at Acropolis is a Grecotel property in Athens and represents the group’s urban and heritage-oriented hospitality segment. It received the number-one hotel ranking in Greece in the 2024 Condé Nast Traveler Readers’ Choice Awards, according to the available reference material.

• Luxury resort

  Cape Sounio resort

  The Cape Sounio resort is located on the Attic Riviera and is distinguished in the available material by a longer operating season than many Grecotel properties in Crete and the Peloponnese. It remains operational until late December.

• 2015

  Return to private family ownershipM&A

  Background

  TUI Group had held a 50 percent interest in Grecotel since 1981. After the company’s financial difficulties and subsequent restructuring period, TUI sold its stake to the Daskalantonakis family in 2015.

  Action taken

  The Daskalantonakis family acquired TUI’s share, ending TUI’s ownership participation.

  Aftermath

  Grecotel continued as a privately owned Greek hospitality business. Greek media speculated about disagreements concerning further investment plans, but the available reference does not confirm that as the reason for the sale.

  Source

• 2004

  Investment in Athens hotels ahead of the OlympicsStrategy

  Background

  In the years leading up to the 2004 Summer Olympics, Grecotel’s owners sought to expand and upgrade the business through substantial investment, including in hotels in Athens’s historic center.

  Action taken

  The owners committed capital to the Athens properties and other hotel investments.

  Aftermath

  The investments did not yield the expected results. The historic center later experienced chronic degradation and weaker lodging demand, while the post-2008 financial crisis intensified pressure on the company.

  Source

1. 1Grecotelen.wikipedia.org