The acquisition of the Aphrodite Hotel in Kalafatis three years ago, with the aim of developing a “One and Only” hotel, was presented as one of the most high-profile business moves of that summer.
- An investment which, according to reports, exceeded 30 million euros and aspired to raise the bar for luxury hospitality in Mykonos even further.
Only, reality proved to be far harsher than the press releases.
Why? Because at yesterday’s auction for the beach concession, the situation changed dramatically for the “businessman” Petros Stathis. Stathis, who, thanks to the swift response of the Cyclades Public Property Service, had already lost the beach at Psarou several months earlier.
- But what happened yesterday?
On the very day of his name day, Petros failed to secure the area that constitutes the greatest competitive advantage of a hotel advertising the experience of staying by the sea.
- The outcome is obvious.
A luxury hotel—one that has not even begun operations yet—without direct control over the beach that, until now, has been a key element of its guests’ experience.
- And in a market such as Mykonos, where access to the beach is a decisive factor in visitors’ choice, this development can hardly be regarded as insignificant. Simply put, Stathis suffered another setback. The question now is a reasonable one.
Was the acquisition carried out without a full assessment of all the relevant parameters having first been made, or was there certainty that the beach would remain a given?
And how could it have been considered a given when, among the bidders, there was a very powerful investment group led by a businessman active in food and beverage establishments and rapidly expanding his investments in beaches and hotels?
The coming months will show whether the investment will pay off or whether the loss of the beach will prove to be yet another costly strategic mistake that will follow Stathis.
Is Dubai listening?
