Tourism Development Minister Aris Spiliotopoulos on Thursday announced the launch of eight new tenders by the Tourism Development Co. (ETA), the completion of two others while another five tenders are in their final stage.

Presenting ETA's strategic plan, Spiliotopoulos said the ministry aims to improve management of state property, while he noted that ETA manages real estate property valued more than 1.2 billion euros.

The minister said that Savvas Real Estate will take over the Tsagarada Xenia Hotel, paying an annual lease of 144,000 euros and will invest 1.5 million euros to restore facilities.

J&P Avax, Vioter and Vernicos will take over the Faliro Marina for a 2.5-million-euro annual lease, paying a down payment of 35.7 million euros. Both contracts have a 35-year duration.

Five more tenders have entered their final stage, Corfu casino, Vytina Xenia Hotel, Skiathos Xenia Hotel, Rhodes Golf and Anavyssos (Attica).

The new eight tenders include the Nafpaktos spa, two large real estate properties in Kala Nera, Magnesia prefecture, as well as the previously state-run Xenia chain hotels on the island Thassos and at the northern Greece sites of Platamonas and Pelio.

Spiliotopoulos said ETA will invest 4.3 million euros for the Athens-area's Alimos Marina, Vouliagmeni beach and marina, along with funding for the Kaiafas and Ypati spas this year, while it planned to invest 15 million euros over the next two years.