Now an intimate hotel, Phaedra was formerly a small factory producing carpets for homes on the island.
In the course of the 20th century, many local people left the island to seek their fortunes elsewhere in the world, and much of the industry on the island closed down; consequently, the Phaedra building lay derelict for years.
Today's owners found The Phaedra in much the same state as it was when the last carpet came off the loom in the early 1970s.
National Heritage laws governing the island mean that the structure of the building is protected.
In their refurbishment of the hotel, Hilda and Andonis, the present owners, have taken great care to incorporate as many of the original features and details as possible.
The massive looms with their huge bobbins and hooks were in a poor state of repair and much of the wood so rotten that it couldn't be saved. However, some of the larger struts and a few bobbins have been recycled into homes around the island.
The wall colours, ceiling designs, window sills, cistern, well heads and a wealth of other features have been renovated to maintain the "spirit" and character of the building. All the modern additions have been very sensitively incorporated to create this atmospheric, intimate and elegant hotel.