Investment of 200 mln euros in six-star Mykonos hotel

A 200 million-euro investment for the development of a complex tourism accommodation with a six-star hotel in Agrari in Mykonos is being promoted by German-owned Southrock Property Company Eleven.

Southrock is the Greek subsidiary of the Otto business group based in Hamburg, Germany and is the operator of the investment.

The Otto group has a presence in Europe and the US and is active in a number of different sectors, including the management of bad loans. It employs 42,000 workers and in 2023 it had a turnover of 16.2 billion euros.

Through its subsidiary, in previous years it acquired the 193,000-square meter property in Agrari from a Greek bank, which had seized it against a no-performing loan of its previous owners who also had plans for tourism development, but which never came to fruition.

Now Southrock Property Company Eleven has submitted a file to Enterprise Greece for the characterization of its investment plan as a strategic investment, in order to proceed with the planning and licensing of the project through a special strategic investment spatial development plan