The “landing” of Phaea in Milos: The new investment by the Sbokos – Vassilakis families
Source: Tornos News
By Viki Tryfona
Phaea, owned by the Sbokos and Vassilakis families, continues to expand its premium portfolio across the Greek islands, with Milos becoming the new strategic milestone in its investment plan. On November 26, 2025, the company received the building permit for the construction of a new five-star hotel complex, as part of its ongoing expansion beyond its flagship projects in Crete.
The new complex will be developed in the location “Plathiena,” on a plot of 21,455.65 sq.m., and according to the official permit issued by the Milos Building Authority, it will offer 96 beds. Architecturally, the plans include ground-floor and two-story buildings with underground spaces, exposed exterior stone masonry walls 0.50 m thick, indoor and outdoor swimming pools, and water features. The total construction reaches 3,842.23 sq.m., with a maximum height of 6.9 meters, as stated in the Coverage Diagram that accompanies the permit.
The choice of Milos is not accidental. The island is steadily rising, attracting strong investment interest in recent years, and drawing tourists of a higher income profile compared to the past. Its unique geological landscapes, authentic experience, and limited overdevelopment form a “neo-luxury” profile that aligns precisely with Phaea’s strategy.
Investments in Crete
The new investment is part of a broader plan to strengthen the company’s presence in Greece’s high-end tourism sector. In Crete, Phaea is implementing major projects, with the most prominent being the Integrated Tourist Complex in Plaka Elounda, a 100 million euro investment with a total capacity of 631 beds. A section of the complex will join the international network Rosewood Hotels & Resorts as Rosewood Blue Palace, marking the chain’s debut in Greece in 2026.
The investment plan in Elounda, recently approved by the Ministry of Tourism, includes two 5* hotels, 44 fully furnished tourist residences, two spa areas with a total capacity of 100 people, and extensive natural and artificial landscaping across nearly 250 acres. There, Phaea aims to create a comprehensive model of “sustainable luxury,” combining residences, hospitality and wellness.
Similarly, in South Crete, in the location “Skouros” of the Municipality of Viannos, the company is developing another major investment worth 121.11 million euros, which will include 140 rooms, 30 tourist residences, dining areas, a rejuvenation center and an agricultural environment for the production of organic goods. Phaea consistently invests in infrastructure that enhances local impact, supporting not only employment but also the circular economy surrounding each property.
Milos as an emerging destination
Expectations for Milos are equally high. The construction of the new resort is expected to create a significant number of direct and indirect jobs, while its operation will boost the local market through increased demand for services, supplies and collaborations with local producers. The low environmental footprint model adopted by Phaea aligns with the new generation of tourism investments that demand adaptation to natural topography and respect for the character of each island landscape.
The entry of a group the size of Phaea into Milos serves as an indication of the island’s broader upgrade on the high-end hospitality map. At the same time, it strengthens the strategy of the Sbokos and Vassilakis families to develop a cohesive portfolio extending from Crete to the Cyclades, consistently investing in properties that combine luxury, sustainability and strong local identity.
Against this backdrop, Milos enters a new phase of tourism maturity, with Phaea positioned at the forefront of this transition.
The original article: belongs to Tornos News .
