Property Experts See Potential in Greek Hotel Sector

Astir Palace Resort

Greece’s hotel sector is growing into an attractive option with all the more international firms looking into doing business in the country, according to Danos real estate consultants.

Hilton Athens

Presented by Danos General Manager, Yannis Paraskevopoulos, a hotel sector report released recently found that a number of important deals were completed last year in the Greek hotel industry with the Astir Palace acquisition by Apollo Investment Holdco and the Hilton Athens purchase by the TEMES-Dogus Consortium.

Other actions that gave the hotel industry a new lease on life include the Wyndham Grand Athens deal, the Marriott and Chandris Hotels & Resorts contract as well as the re-operation of the Athens Tiare Hotel.

The report, however, underlines the need to further boost the sector with new investments and greater penetration of brands. Indicatively, only 6 percent of hotels and 24 percent of all rooms in Greece are operated by large hotel chains.

The consultants also add that the issue of hotel operation all year round must be addressed and are placing their hopes on the upgraded performance of 14 regional airports now run by Fraport.