A Greek Australian group of investors has announced plans to build a super luxury resort on the southern shores of Ithaca, turning this small Greek island into Monaco. The Iliad resort, as it is called, will include six luxury hotels with 1,020 suites, a marina to accommodate 200 yachts and possibly cruise ships, a waterfront village, an 18-hole Greg Norman designed golf course and 150 golf course residences.
As the investment company said, the legwork for the project began more than 10 years ago and the land was purchased in 2005. The initial plan was just for a hotel, but the company finally decided to construct something much bigger. At this point, environmental study is being finalized and then the project will begin, estimated at about one billion euros.
The management of Iliad project has been undertaken by Portfolio International Holdings Limited, that has also undertaken similar projects in other places of the world, like Costa Rica, Abu Dhabi, Crete, California, etc. Leading hotel management companies have expressed their interest to operate individual hotels and residences of the project.
This super luxurious resort will be constructed at an area of around 400 hectares in southern Ithaca, about 3 km from Vathi, the capital town of the island.