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Karma Group has acquired a new property close to Agios Nikolaos in Crete for an undisclosed sum.

The property will be comprised of hotel apartments and one and two bedroom suites along with pool, bar, restaurant, library, spa and kids club.

Karma Minoan includes 26 holiday apartments with panoramic views of Mirabello Bay, Agios Nikolaos and the surrounding mountains.

Company founder and chairman, John Spence, said: “We will be renovating and refurbishing the property to bring it up to our high standards and expect to have it open for next high season.

“I personally love the island and think it offers one of the best tourist experiences in the Mediterranean with its incredible and well priced food and wine, friendly, hospitable people, long sunny season and a wealth of historical, cultural, sporting and family attractions.”

The deal follows Karma and Sanctum Hotel Group agreeing a joint venture last August to develop a series of “authentic rock ‘n’ roll styled” hotels in strategic locations around the world, accompanied by an exclusive private me