Minoan Group has passed a final hurdle in long term plans to develop a €250 million resort in Crete.
Appeals against a presidential decree granting land use approval for the Itanos Gaia project have been dismissed, the Scottish company announced today.
The company now has what amounts to outline planning consent for the project, which it wants to develop through joint ventures and other partnerships.
The development involves a number of small to medium-sized hotels on the north eastern coast of the island.
Company chairman Christopher Egleton said: “As a result of the Greek Supreme Court’s decision, the company can now accelerate the development of the project, which will include, the continuation of negotiations for joint venture arrangements with hoteliers, investors, partners and other parties.
“It also means that our long co-operation with the Foundation Panagia Akrotiriani, the municipality of Sitia and the local community can begin to bring more prosperity to the area.
“This decision represents the successful culmination of many years of hard work by everyone in the company with the patience and support of the company’s shareholders.
“I look forward to providing the market with more news in the near future.”
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