Report: Greek Hotel Internet Promo Can Bring in Cash

The Internet promotion of Greek hotels and accommodation can bring in up to 2 billion euros in revenues, according to a report released recently by the National Bank of Greece (NBG).

According to NBG’s Economic Analysis Division, utilizing the Internet towards the promotion of accommodation options in Greece can attract more individual tourists and increase tourism revenue by 1 to 2 billion euros.

NBG estimates that penetrating the online booking market and opting to move away from the traditional travel agent mediation would lead to an overall increase of tourism income by 0.9 billion euros annually.

In 2014, Greek hotels made a mere 11 percent of their sales via the Internet against the average 28 percent rate in Europe, demonstrating the limited use of online options and lack of familiarity of the Greek business sector.

The research reveals that hotels working with online bookings achieved higher revenue per bed with greater profit margins and dealt with fewer late payments.