Israeli entrepreneur Avraham Ravid plans to transform the island of Kythnos, Greece, into a luxury destination by investing 25 million euros to transform the historic “Xenia” Hotel into a five-star resort.
Ravid bought the hotel following a tender launched by the Hellenic Republic Asset Development Fund (HRADF, also known as TAIPED) in 2018 for 3 million euros, and the right to develop and manage the hotel and springs for 99 years.
After several delays all the necessary permits have now been secured and construction work is expected to begin between October and November this year. The Israeli businessman has bought a residence on the island for his personal use and saw firsthand its strong tourist potential.
The investment is expected to give great momentum to Kythnos, which has been targeted by foreign and Greek investors, as it is close to both the port of Piraeus and Lavrio.
Histroric Kythnos Xenia
Dubbed ‘Genesis of The Royal Baths of Kythnos’, the project consists of a 7,018,40m² property which includes the two thermal springs and the Xenia Kythnos hotel complex, together with a hydrotherapy center and incomplete spa facilities.
Built during the reign of King Otto by Danish architect Christian Hansen, the Xenia Kythnos is of great historical and cultural value. The hotel facilities were modified by Ernst Ziller in 1871-1891 and the building has been classified as a protected historical monument.
The project envisages its radical reconstruction, the construction of luxury homes and the creation of a large green park on the property. Furthermore, the Israeli investor plans to create a modern marina at Loutra.
The thermal springs are also of great historical value, as they are said to have been enjoyed by Queen Amalia in the 19th century.
“The ‘Genesis of The Royal Baths of Kythnos’ vision concerns the creation of a center of rejuvenation, health and relaxation with luxurious villas, suites, an open public park, and perhaps one day, a large marina to serve the needs of the baths,” Ravid said in 2018 when he bought the property.
“‘Genesis’ will pave the way for many other new and innovative investments on the island of Kythnos. We believe that with the help of the municipality, local authorities, the support of politicians with a vision and willingness to help promote the economy of Kythnos, but above all, with the support of the island’s residents, we can create more jobs, develop tourism and to build an economically independent island and community,” he added at the time.
Related: From Thermia to Kythnos: The Evolution of a Greek Island