The President of Empiria Group speaks to "Business Stories" about the group’s latest ventures and its commitment to low-impact hotels that respect the environment and local communities.

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Having already made a significant mark in the Cyclades, starting with Santorini, Empiria Group is now expanding its investments in the South Aegean, Greece’s leading tourism region. It has also initiated a new project in Athens, which is currently the most sought-after investment hotspot in Greek tourism.

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The new investment, located in one of the city's iconic listed buildings in the heart of Kolonaki, follows a long-term lease agreement with the Ministry of National Defence. The project is expected to reach €10 million and is scheduled for completion in 2027.

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“Athens is now a destination in its own right – it’s no longer just a stopover before heading to the islands,” says Mr. Antonis Eliopoulos, President of Empiria Group, offering insight into the future of the capital's tourism. As one of the longest-serving hoteliers in Santorini, and former president of the island's Hotel Association, he provides an early forecast for this year’s outlook for a destination affected by significant seismic activity in February. Compared to last year, bookings have fallen by 20%, but local stakeholders remain optimistic about making up the difference and keeping losses to a single-digit percentage this year.

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Empiria Group is a family-run business led by Antonis Eliopoulos and Kallia Konstantinidou. Mr. Eliopoulos started his journey in the hospitality industry in 1989 and a few years later launched the "Vedema Resort", the first five-star hotel on Santorini. His vision aligned with his wife Kallia Konstantinidou’s passion for hospitality, and together they began to build their hotel group step by step. Starting in Santorini, they expanded strategically into Paros and Mani, and are now continuing their growth both in the wider Cyclades and in Athens.

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Santorini and Paros

2024 has been a successful year for the group, “though this does not mean that the positive results were the result of a smooth year. Santorini operated at two different speeds, while Paros remained on a particularly strong upward trajectory,” notes Mr. Eliopoulos.

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In Santorini, hotel activity was slow from the opening until July, with demand falling short of initial expectations. However, from August to the season’s end in November, the island gained significant momentum, improving the overall performance. As a result, Santorini’s performance for the year matched that of 2023, confirming that consistent quality and visitors’ trust in the destination continue to drive positive results, even in a more challenging year.

In contrast, Paros continued its upward trajectory for the second consecutive year, maintaining its momentum throughout the season and recording a 10% increase compared to 2023, when it also saw a similar rise. “The island has now developed a steadily growing audience that seeks quality, understated luxury, and meaningful experiences,” comments Mr. Eliopoulos.

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“I would, however, like to return to Santorini and highlight a behavioural pattern that has emerged in recent years, with people avoiding July and August due to the general perception of higher prices and the sense that the island will be overcrowded. However, the experience of previous years suggests that this is not true to the extent that it would truly deter potential visitors – yet the damage to demand has already been done. While I understand the concerns of those who talk about overtourism on the island and the need to limit the number of visitors, I do not think the analysis of this idea is based on the right foundation. The reality is that Santorini is a destination that requires immediate attention regarding its core infrastructure. It is unfair to blame the island for overtourism when what we are lacking are basic and high-quality infrastructures to welcome visitors with consistency and excellence. Furthermore, it should be noted that a restriction on the number of cruise ships visiting the island is already in place, a measure aimed at managing visitor numbers and forming part of a more holistic strategy for the sustainable development of Santorini.”

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New Investments

Regarding the group’s new investments, “our ambitions,” as Mr. Eliopoulos states, “are closely tied to healthy, sustainable, and long-term development, free from grandiose statements and investments that are unsustainable and damaging to local communities. Observing the investment frenzy around us and the implementation of monumental projects in both small and large destinations, we remain focused on what we do well and, more importantly, on what we believe will benefit the areas where we operate. For years, we have focused our efforts on the development of low-impact, boutique hotels, fully integrated with the environment and local communities, ensuring we become part of the destinations with a subtle model of genuine luxury. The development of eco-friendly infrastructure is a key area that can make a real difference. Likewise, promoting the construction of energy-efficient buildings and infrastructure using sustainable materials helps reduce the environmental footprint and collectively strengthens the sustainability of the destination’s infrastructure.”

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At the unit level, this June marks the completion of the investment on Paros, at the "Par lio" hotel, with the addition of 21 new rooms to 13 keys. By 2026, the new boutique unit on Milos is expected to be completed, while the group is also focused on Athens, where “we are preparing our new project in Kolonaki at a rapid pace, aiming for completion by 2027. The concept is carefully crafted, small-scale, and perfectly aligned with the character of the Empiria Group.” Finally, on Naxos, we have entered the final design phase and are moving forward with licensing, with the goal of opening in 2028.

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The "bet" on Athens

Especially regarding the expansion into the capital, "we knew that at some point we would take this step, but we were particularly selective and very cautious. We wanted a property that fits our philosophy both in size and in outlook. That's why we decided to focus on a number of rooms –40– where we can ensure high-standard services, a personal experience, quality service, and high aesthetic design. This is overall an investment that will reach 10 million euros, with completion scheduled for 2027, and our ambition is for it to become a landmark for boutique hotels in the capital’s luxury tourism sector." Mr. Eliopoulos believes that Athens has now become a destination in itself, no longer merely a stopover before the islands, with the city's dynamics – culturally and touristically – having changed. "For us, it is clear that there is a gap in the luxury tourism market in Athens for small and medium-sized units that have character, personality, and identity that connects with the destination. At the same time, as the group strengthens its presence in the islands and top tourist destinations, the combined experiences we offer are becoming even more attractive. In the same spirit of development and offering experiences, our presence in Mani with 'Korona Boutique Hotel' and 'Aspasia Restaurant' – which highlights the culinary tradition of Mani – is also part of this."

April’s performance and outlook for the season

April was a weaker month, as many visitors who had planned to spend Easter in Santorini opted for other destinations, both within Greece and abroad. Notably, the rest of the Cyclades performed relatively well, despite the seismic activity affecting other areas such as Amorgos, Ios, and Koufonisia. Santorini, however, suffered the greatest communicational setback, and this trend seems to continue into May.

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"The positive news is that there was no damage to infrastructure or hotel units, which has accelerated the return of confidence. We are already seeing encouraging signs: a surge in social media activity from satisfied guests in April, heightened interest for the summer season, and support from the government – both the Ministry of Tourism and the local authorities – through targeted advertising campaigns. To further boost the cultural dynamism of the island, it is worth mentioning that the renovated Archaeological Museum of Thira will open on June 20, 2025, with the exhibition 'Cycladic Women,' which is being transferred in full from the Museum of Cycladic Art. Our group has the honor of being a sponsor of this initiative.

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There are still challenges, however, as some areas like Ammoudi and the Old Port in Fira remain closed, and we are awaiting their reopening in the coming weeks. The main focus now is the smooth restoration of the destination’s image."

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In terms of overall performance, Mr. Eliopoulos believes that this year could end with a double-digit growth rate, around 10%-15%. The decline in Santorini could be balanced by the increase in Paros, which is becoming a strong alternative destination, especially for travelers who do not choose Mykonos or Santorini: "The demand for Paros remains extremely high, with around 10 daily flights and 3 ferry arrivals, which enhances accessibility and increases the length of stay." Also factored into the equation are the developments in the U.S. market, which remain to be seen in practice, due to the drop in the dollar exchange rate. As a result, Greece has become more expensive for American visitors, and the economic uncertainty may make Americans more hesitant about long-haul travel this year.

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