Eurobank Bets on Greek Tourism, Invests in Hotel Industry

Greece’s resilient tourism sector is still bringing in the cash, with all the more investors eager to place their bets on high-end accommodation facilities, Eurobank CEO Fokion Karavias said this week, during the 14th Greek Tourism Confederation (SETE) conference on “Tourism and Development”.

“In spite of the uncertainty experienced this year, international hotel chains are seriously looking into the construction of new units in our country, while international funds are considering their participation in specialized investment schemes,” Mr Karavias said.

Eurobank’s CEO added that the completion of the concession procedure for 14 regional airports will confirm international interest in Greece’s tourist product and reaffirm that “Greece is an attractive investment destination”.

In this direction, Eurobank has already made the strategic choice to support Greece’s hotel industry in cooperation with Fairfax and other large institutional investors.

According to Mr Karavias, experts believe there is need for an “investment shock” to get the Greek economy rolling, citing a recent Hellenic Federation of Enterprises (SEV) study which estimates that investments of 100 billion euros in the next seven years may be able to offset the cumulative effects of the crisis.

Mr Karavias underlined that foreign investors have continued throughout the crisis to keep their eye on opportunities in Greece, and now their interest has been rekindled.