Investing in athens and cyclades with a boutique hospitality model

As Greece continues to top global wish lists for discerning travelers, the country’s tourism landscape is evolving—and few are shaping its future quite like Antonis Iliopoulos, President of the Empiria Group.

Known for its sophisticated, low-impact hospitality model, Empiria Group is doubling down on its vision: investing in environmentally conscious, boutique hotels that seamlessly blend into their surroundings while offering elevated, authentic experiences. With deep roots in the Cyclades and fresh ambitions in Athens, the family-run group is charting a course that respects both the destination and the traveler.

A Legacy Built in the Islands

Empiria Group’s story began in 1989, when Antonis Iliopoulos took his first steps into hospitality. A few years later, alongside his partner Kallia Konstantinidou, he opened the legendary Vedema Resort—Santorini’s first five-star hotel. The couple’s shared passion has since grown into a group that redefines boutique luxury across Santorini, Paros, and Mani.

In 2024, the group is riding another wave of success—but not without its challenges.

“Santorini operated at two different speeds this year,” notes Mr. Iliopoulos. Demand was softer than expected in the early season, likely impacted by seismic activity in the region. However, from August to November, bookings surged, lifting the year’s results to match those of 2023.

Paros, on the other hand, continues to shine. The island recorded a 10% increase in performance for the second year in a row. “Paros now attracts a consistent audience looking for understated luxury and meaningful experiences,” Iliopoulos explains.

Santorini: The Overtourism Myth and Infrastructure Reality

Despite its popularity, Santorini faces criticism for overtourism—a narrative Iliopoulos challenges.

“It’s not the number of visitors that’s the issue, but rather the lack of quality infrastructure to support them,” he emphasizes. He also points out that cruise ship visits are already being limited as part of a broader sustainability strategy.

“People now avoid Santorini in July and August due to fears of overcrowding and high prices—but this perception isn’t always accurate. We must shift the conversation toward infrastructure development, not just visitor numbers.”

Athens Calling: A New Landmark in Kolonaki

Empiria Group’s next chapter is unfolding in Athens, a city now firmly established as more than a stopover.

In partnership with the Greek Ministry of National Defence, the group is transforming an iconic listed building in Kolonaki into a boutique hotel. The €10 million project is slated for completion in 2027 and will feature just 40 rooms, in line with Empiria’s commitment to scale, elegance, and personal service.

“For us, it was never about growing fast—it’s about growing right,” says Iliopoulos. “Athens now has the cultural and tourism energy to stand on its own. But in the luxury segment, there’s a clear gap for smaller, character-rich hotels that connect with the destination.”

New Horizons: Milos, Naxos, and Beyond

In addition to the Athens project, Empiria Group is expanding in the islands with three exciting developments:

• Paros: This June, the “Parīlio” hotel will add 21 new rooms, almost doubling its current capacity.

• Milos: A new boutique unit is in the works, with a 2026 launch on the horizon.

• Naxos: Final design plans are underway, aiming for a 2028 debut.

In Mani, the Korona Boutique Hotel and Aspasia Restaurant continue to attract travelers seeking authenticity, culinary depth, and cultural immersion.

Looking Ahead: Tourism Trends and 2025 Outlook

While April and May started slowly—especially in Santorini due to lingering concerns after February’s earthquakes—the mood is shifting. No infrastructure damage was reported, and confidence is rebounding. Social media buzz and targeted government marketing are helping to restore Santorini’s image, just in time for summer.

A major cultural boost is also on the horizon: the renovated Archaeological Museum of Thira will reopen on June 20, 2025, with the high-profile Cycladic Women exhibition, sponsored by Empiria Group.

Mr. Iliopoulos remains cautiously optimistic: “If current trends hold, 2025 could close with double-digit growth—between 10% and 15%.” Santorini’s dip may be offset by Paros’s continued rise, fueled by increased flights, ferry access, and longer stays.

Yet, one wild card remains: the U.S. market. A weaker dollar and global uncertainty could temper long-haul travel from American visitors. Still, with Greece’s rising reputation for high-quality experiences, the country remains a compelling option.