The funds from the new bond loan will be used to partially finance Irish entrepreneur Paul Colson’s investment in Porto Heli, where the third Four Seasons in the country is planned to open in 2027, up to an amount of 64.43 million euros.

Hinitsa Bay Holdings, the company “running” the investment for the new complex tourist accommodation at the former AKS Hinitsa Bay 4* in the municipality of Ermionida for the creation of a 5* hotel and luxury residences in a seaside area, covering a total area of 750 acres, will issue the joint implicitly secured bond loan. The purpose of the Recovery and Resilience Fund (RDF) Bond Loan, as stated, “is to partially finance the implementation of the project, including through the receipt of funding from RDF funds in respect of the project.”

Four Seasons Expands to Porto Heli with Year-Round Luxury Resort and Residences

A major new hospitality and residential project is taking shape in Porto Heli, as Hinitsa Bay Holdings partners with Four Seasons Hotels and Resorts to transform a landmark coastal site into an upscale destination operating year-round. The development, based on the investment project dossier, will feature a 607-bed resort, complemented by 20 to 30 private residences, including seafront villas ranging from 800 to 1,500 square meters, aimed at a high-net-worth clientele from Greece and abroad.

The furnished tourist residences and the hotel itself are designed for continuous, 12-month operation, reflecting the growing demand for luxury destinations beyond the traditional summer season. On-site transportation will be limited exclusively to electric vehicles (golf carts) and bicycles, and the complex will also include a helipad to accommodate high-end travel.

The Site: From Hotel Landmark to Integrated Resort

The property includes:

• The AKS Hinitsa Bay 4-star hotel, which operated from 1973 until September 2023 and has since been acquired by Irish businessman Paul Coulson.
• An abandoned private airport and the well-known Alexiou residence, both set to be repurposed as private homes.
• Several undeveloped land parcels, alongside forest areas where development will not be permitted.

Financing the Development

To fund the ambitious project, Hinitsa Bay Holdings will issue a two-tranche bond loan.

• Series A, valued at €40.27 million, will be covered by the Hellenic Republic and represented by Attica Bank as the initial bondholder.
• Series B, worth €24.16 million, will be covered directly by Attica Bank under the Recovery and Resilience Facility (RRF) bond program.

Paul Coulson is also expected to participate as a personal guarantor under the financing agreement.

The project recently received the green light from the Council of State, paving the way for full development.

Four Seasons Returns to the Peloponnese

In early June, Four Seasons announced the appointment of Ian-Robert Ciappara as General Manager of the upcoming Porto Heli resort. A seasoned executive with extensive international experience, Ciappara returns to Greece—specifically the Peloponnese—where he previously served as regional marketing director for The Westin and The Romanos at Costa Navarino from 2009 to 2011.

The new complex will offer panoramic views of the Argolic Gulf and the nearby island of Spetses, according to the official announcement by Four Seasons.

“Located in the picturesque setting of southeastern Greece, the Four Seasons Resort and Residences Porto Heli, in collaboration with Hinitsa Bay Holdings, will transform the existing 750-acre seafront property with 3.25 kilometers of coastline into a world-class experience. The project will include 80 rooms and suites, 30 bungalows, and branded private villas, reflecting the luxury standards of the Four Seasons,” the company said.

Four Seasons’ Expanding Greek Footprint

The Porto Heli project marks the second Greek destination for Four Seasons, following the iconic Four Seasons Astir Palace Hotel Athens in Vouliagmeni.

Globally, the brand operates 133 hotels and resorts and 56 residential properties across 47 countries, with over 60 projects currently in development—including a new resort in Mykonos, scheduled to open next summer.