The Key, Naxos. Photo source: Square Lime
As travelers seek more authentic and emotionally resonant experiences, Greece’s boutique hospitality sector continues to evolve – with curated stays, local connections, and mindful design leading the way. Few companies embody this shift more clearly than Square Lime, the Athens- and Naxos-based premium hospitality management company known for its handpicked collection of villas and boutique hotels.
Vasilis Lapanaitis
“We design moments that feel both exclusive and grounded,” says Square Lime Managing Director Vasilis Lapanaitis. “Adding emotional value to the stay without overwhelming the guest journey.”
In the weeks following its spring media presentation, Square Lime has expanded its portfolio with two new openings on the islands of Naxos and Paros, as well as a strategic partnership with a 5-star boutique hotel on Andros. According to Lapanaitis, “All three are already outperforming their soft opening projections”.
In this interview, Vasilis also gives us a timely update on the latest booking trends across the destinations where Square Lime operates, highlighting the varying momentum in different markets.
While Athens, Naxos and Paros are performing above 2024 levels, Santorini and Mykonos are still catching up. “Santorini’s pace was down immediately after the tremors,” he explains, referring to February’s seismic activity, “but the gap has narrowed steadily as confidence returns.”
Looking ahead, Square Lime remains focused on sustainable growth, experiential travel, and a deep commitment to the character of each destination and property it represents.
- GTP: Vasilis, we last spoke in early April during Square Lime’s presentation to the media. Since then, what developments have you seen across your portfolio? Let’s start with a quick update – how have things evolved in terms of market momentum or traveler behavior?
Vasilis Lapanaitis: Since early April we have launched two brand new hotels – The Key on Naxos and Salt Suites on Paros – and entered into a strategic partnership with Andros’ iconic Micra Anglia. All three are already outperforming their soft opening projections.
Market momentum, however, remains uneven: demand for Santorini and, to a lesser extent, Mykonos is currently pacing behind last year, while the rest of our Cyclades properties are quite ahead. Travellers are booking ever later, so we still expect a last minute upswing, although recent geopolitical headlines are adding a note of caution.
- GTP: How are bookings currently shaping up across the destinations where Square Lime operates? Are there any standout trends – perhaps particular islands that are outperforming expectations or shifts in guest preferences?
Vasilis Lapanaitis: Athens continues to surprise on the upside, with both occupancy and ADR comfortably ahead of last year. Within the Cyclades, Naxos and Paros remain slightly positive year on year, whereas Santorini, Mykonos and the neighbouring island of Ios are feeling the drag from weaker international demand.
Across the board the booking window keeps shrinking, and guests are gravitating towards properties that deliver curated, out of hotel experiences and are closely connected to their local communities.
Monolithoi, Mani. Photo source: Square Lime
- GTP: How is performance looking on the ground – occupancy, guest experiences, feedback? From a management perspective, are your properties meeting the benchmarks you’d set earlier this year?
Vasilis Lapanaitis: Year to date we are running 10%–30% ahead of 2024 in both occupancy and revenue. EBITDA has grown even faster thanks to disciplined cost of sales, strict adherence to base OTA commissions, and a highly dynamic approach to yield. Beyond the numbers, every hotel is working on a portfolio of authentic, signature experiences that both delight guests and channel economic benefit to the surrounding villages, all while safeguarding their cultural and natural assets.
- GTP: Santorini has had an unusual season so far, with the seismic activity earlier this year making headlines. What’s the current booking picture there, and how have you managed communications and expectations? It seems the island is very much open for business again – how are you navigating that narrative?
Vasilis Lapanaitis: Santorini’s pace was down immediately after the tremors, but the gap has narrowed steadily as confidence returns. Our current guests report exceptionally smooth, stress free holidays, and their real time reviews have been our most persuasive ambassadors. On the trade side, our sales team is proactively sharing factual updates through webinars and at shows such as the recent Emotions Travel Show in Madrid, underlining that the island’s infrastructure is fully operational, enhanced safety measures are in place, and the caldera views remain as breathtaking as ever.
- GTP: In April, you spoke passionately about Naxos as a model of gradual, controlled tourism growth. What makes Naxos such a standout in your portfolio, and what have you seen there in recent weeks? Are there any recent initiatives or results you’d like to highlight?
Vasilis Lapanaitis: Naxos thrives because development is still firmly rooted in the island’s agricultural and seafaring heritage. Through our Naxos Premium platform we curate experiences that take guests well beyond the beach: farm to table cooking classes in the village of Danakos, marble-curving workshops lessons with local artisans, and day sails to the tiny Koufonisia islets. These programmes lift ancillary revenue and, more importantly, disperse tourism income to small communities that had never benefited before.
CasaSunsha, Santorini. Photo source: Square Lime
- GTP: You also mentioned expansion into destinations like Syros and Milos. Can you share any updates or next steps on Square Lime’s plans in these or other emerging boutique destinations? What are you looking for when choosing new places to invest your energy?
Vasilis Lapanaitis: We are in advanced talks to bring a pair of intimate properties in Syros and Milos into the collection for 2026. Beyond that we are actively scouting Tinos, Kythnos and Sifnos, as well as select projects in Crete, the Peloponnese and the Ionian Islands. Our criteria are unwavering: a strong sense of place; owners committed to soulful sustainability; and the potential to outperform commercially once our revenue management and sales strategies come into play. Ideally we join the project as early as two years pre-opening, so we can align architecture, interior design and commercial strategies from day one.
- GTP: Beyond these new additions, are there expansion plans in the works for Square Lime – perhaps to other regions of Greece or even abroad? How do you balance your selective, curated approach with growing demand?
Vasilis Lapanaitis: Our immediate priority is to surface the very best boutique hotels Greece has to offer; quality will always trump quantity. That said, we have begun exploratory conversations in Morocco, a market we believe is poised for a boutique hospitality renaissance and where our know how around emotionally resonant experiences would translate well.
- GTP: Square Lime’s philosophy emphasizes mindful, premium hospitality. What does that actually look like in practice – how do guests experience it? Could you share an example that captures how your values come to life in a hotel or villa setting?
Vasilis Lapanaitis: For us, mindful hospitality means creating experiences that connect guests with the essence of a place – its people, textures, and rhythms – through meaningful, light-touch activations. Whether it’s a curated tasting of local delicacies, a small-format design showcase, or a sustainability-inspired collaboration with local creatives, we design moments that feel both exclusive and grounded, adding emotional value to the stay without overwhelming the guest journey.
Anemelia, Mykonos. Photo source: Square Lime
- GTP: What about your relationship with property owners? How does Square Lime collaborate with them to enhance value while preserving each property’s character? Do owners play a role in shaping the guest experience?
Vasilis Lapanaitis: We have built decade long partnerships by pairing rigorous commercial management with deep respect for each owner’s vision. Square Lime handles global distribution, yield, reservations and concept led marketing, while owners remain the custodians of their property’s narrative. Quarterly workshops align financial targets with experiential goals, and owners frequently contribute personal touches – family recipes on the menu, curated art in the suites – that anchor authenticity. The formula consistently lifts ADR, RevPAR and EBITDA while ensuring every hotel keeps its unique soul.
- GTP: Looking ahead to the rest of the season and into autumn – what’s your outlook? Are there any signals or insights you’re watching closely as boutique travel in Greece continues to evolve?
Vasilis Lapanaitis: All indicators point to 2025 ending marginally ahead of 2024, provided geopolitical tensions remain contained. We are therefore doubling down on flexible booking policies, nimble yield management and market diversification – our team was, for instance, the only Greek hospitality operator at Luxperience Sydney, and we have just closed new agency agreements in India and Brazil. The big structural trend we are watching is the guest’s demand for emotion rich, community anchored stays; hotels able to deliver that promise will maintain pricing power even in choppier times.
Details on Square Lime can be found here.
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