Greek Hotel Sector Sees Growth, Athens’ Five-stars in the Lead

Syntagma Square, central Athens.

Financial indicators are pointing to growth in the Greek hotel sector with Athens hospitality units gaining some lost ground, according to analysis of their financial statements.

Attributing the positive performance to the instability in rival destinations and the security in Greece both in terms of the economy as well as with regard to domestic socio-political events, Greek financial daily bankingnews.gr said the sector is showing signs of strong recovery, after analyzing financial statements of listed hotels for the first half of the year.

King George, a Luxury Collection Hotel.

“There were no incidents that took place as in previous years… [the] return to regularity for Athens hotels as well as the increase in tourism is reflected in their six-month statements and is expected to improve in the third quarter of 2017,” bankingnews.gr said.

At the same time, the second half of 2017 is also expected to see a rise in hotel facility sales. A case in point is the passing of the five-star King George into the hands of Lampsa SA, owner of the Hotel Grande Bretagne.

Meanwhile, occupancy rates at Athens luxury hotels increased by 12.3 percent so far this year compared to the same period in 2016, with the average room rate lower by 1.0 percent at 149.95 euros against 151.48 euros in 2016, resulting in increased revenue by 11.2 percent per room for the Greek capital’s luxury hotels.

Grande Bretagne, a Luxury Collection Hotel.

Indicatively, the Grande Bretagne reported growth in sales by 21.1 percent compared to the same period in 2016, while the adjoining King George saw sales rise by 21.2 percent.

According to the Athens – Attica & Argosaronic Hotel Association, hotels in the Greek capital reported improved January-June 2017 performance with a 4.9 percent rise in average hotel occupancy rates and a 5 percent increase in average room rate compared to the corresponding six-month period in 2016.

At the same time, Athens hotels have maintained their competitive pricing policy, upgraded services and reached out to new markets contributing to the destination’s recovery after a long period of recession.