Study: Greek Hospitality Sector Shows Signs of Financial Health

The Greek hospitality industry is leaving the crisis years behind, as it increased earnings by 3.6 percent and gross profits by 44.4 percent in 2016, according to research carried out by New Times publishing company. The data will be presented at the Treasures of Greek Tourism 2017 at the King George Hotel on December 7.

According to the ongoing study carried out on 108 hotel businesses with published balance statements by November 27, 2017, total turnover increased from 2.248 billion euros in 2014 to 2.531 billion euros in 2015, up by 3.4 percent.

Meanwhile, the same study found that business obligations declined at a better rate of 4.3 percent at 5.3 billion euros, demonstrating a slight improvement in companies’ overall financial health.

Indicatively, of the 779 enterprises in the sample, 520 or 66.75 percent recorded profits, while 259 or 33.25 percent were loss-making. The winning group increased total turnover by 4.8 percent from 1.62 billion euros in 2014 to 1.7 billion euros in 2015.

Robust players in hospitality include the Porto Carras Grand Resort, Hatzilazarou of the H Hotels Collection, Lampsa SA – which currently acquired the King George, and Sani Resort.

The Treasures of Greek Tourism 2017 event will award the healthiest developing businesses and agencies active in Greece’s tourism industry based on specific economic indicators and business initiatives.