Greek Hotel Nine-Month Earnings on the Rise

Despite dwindling revenue figures from tourism, hotels across Greece are seeing a 10 percent rise in earnings in the first nine months of the year, according to GBR Consulting.

Tourism solutions provider GBR Consulting findings reveal an increase in yields during the peak season months (July-September) particularly for resort style hotels and for city units in Thessaloniki.

Indicatively for the months of July-September, Thessaloniki hotels recorded a 10.8 percent increase in takings per room (RevPAR) compared to the same period in 2015. At the same time, resorts at major destinations marked a 10.6 percent rise. Revenue for Athens hotels grew by 7.1 percent in the same period compared to 2015.

For the nine-month period (January-September), resort units recorded the greatest increase in earnings up by 9.4 percent, followed by Thessaloniki hotels enhanced by 6.6 percent and Athens facilities up by 4.1 percent.

With regard to the recent discrepancies between increased arrivals and decreased revenue, GBR Consulting attributes the variations to the following factors: the reduced number of days foreign travelers spend per holiday (a trend in the last decade); the increase in the number of low-spending visitors from Balkan countries; the discounts put forth by lower category accommodation facilities; as consequence of the Brexit decision which led to the UK pound’s devaluation.