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The environmental study for the redevelopment of the Hinitsa Bay Resort in the western Peloponnese, a project promoted by Irish billionaire Paul Coulson, has been submitted for public consultation.<\/p>\n
Two years after luxury hospitality giant Four Seasons announced it would be handling the management and four years after Coulson\u2019s first transaction for the project, the redevelopment remains in the first phase of licensing, as the environmental study needs to be approved before a presidential decree is issued for the Spatial Development Plan for Strategic Investments, followed by the issuing of building permits \u2013 all of which are extremely time-consuming procedures.<\/p>\n
Meanwhile, the reactions of the local community and environmental organizations to the broader transformation of the area have not been swayed by the provisions of the environmental study. In the wider area of Ermionida, located in the western Peloponnese, in addition to Hinitsa Bay Resort, several other megaprojects are underway, such as the luxury Kilada Hills Country Club, Six Senses Resort and Waldorf Astoria\u2019s Scarlet Beach, raising questions about the adequacy of basic infrastructure such as road networks, water supply, sewage networks etc. which have not been designed to serve the projected volume of visitors.<\/p>\n
On May 15, 2024, Four Seasons Hotels and Resorts, in collaboration with Hinitsa Bay Holdings and Bluehouse Capital, announced the creation of the Four Seasons Resort and Residences Porto Heli. The plan concerns the creation of a complex tourist accommodation spread over a total area of almost 64.2 hectares, which resulted from the successive acquisitions of the AKS Hinitsa Bay Hotel and the neighboring Alexiou Estate in 2022.<\/p>\n
The central issue of the licensing process is the designation of the area. Specifically, 18.55 hectares within the 64.2 acres allocated to the project are designated as private forest land. According to the environmental study, the area will maintain its protected status, however, local bodies express reservations about the impact from construction. Concerns have also been raised about the possible alteration of the landscape and the pressure that will be exerted by large infrastructure.<\/p>\n
Regarding the financing of the project, it includes equity and external borrowing. In 2024, a joint bond loan of \u20ac64.43 million was approved, with the participation of the EU Recovery Fund amounting to \u20ac38.6 million. The remaining amount is covered by bank borrowing and the company\u2019s own participation. According to the environmental study, the investment budget for the development of the tourist accommodation under the Four Seasons Resort and Residences Porto Heli brand amounts to \u20ac191.5 million, and includes a 74-room hotel and 22 independent luxury residences.<\/p>\n
Coulson is founder of the Ardagh Group, a global packaging supplier. However, the latest figures (for the fiscal year 2024) reflect some challenges. The turnover of the listed subsidiary amounted to $9.14 billion, EBITDA to $1.27 billion, and debt obligations to $12.5 billion, which led to downgrades of its credit rating and the restructuring of the company. As part of the corporate reorganization, Coulson stepped down as chairman and CEO in 2023.<\/p>\n<\/p><\/div>\n