ICAP: Greek Hotels Report 3% Rise in Market Value

The market value of Greek Luxury, A’ and B’ class hotels grew by three percent in the 2016-2107 period, but the industry is heavily reliant on international tour operators from abroad, according to an ICAP industry report released this week.

In terms of revenues, luxury hotels reported a 3.5 percent rise, A’ class units – which account for 44 percent of the market in 2017 – a 4 percent increase, and B’ class facilities were up by 1 percent, according to the ICAP report.

The financial performance of the hospitality sector was assessed taking into consideration 17 indexes and included a consolidated balance sheet for the 2012-2016 period based on a sample of 47 enterprises.

According to findings, total assets increased by approximately 12 percent over the past five years, with sales up by 40 percent.

The Westin Resort Costa Navarino is included on ICAP’s list of the Top 10 hotels in Greece based on revenue.

According to the same study, foreign travelers make up the largest part of Greek hotels’ clientele, accounting for 80 percent of total overnight stays across all categories. Indicatively, 2016 data reveal that accommodation facilities in Greece recorded some 80 million overnight stays with average annual occupancy rates in all categories at 50.1 percent against 49.1 percent in 2015.

For 2016, the largest concentration of beds, 24 percent of the total, is in the South Aegean Region while 9,730 hotel units operated overall with approximately 790,000 beds. Two-star hotels account for the largest share of hotel capacity at 42 percent.

Hotel Grande Bretagne, A Luxury Collection Hotel, Athens.

On the downside, besides the industry’s heavy reliance on international tour operators, seasonality and over-concentration of units at specific destinations continue to pose challenges.

The Top 10 hotels in Greece based on revenue according to ICAP are:
Louis Hotels, TEMES SA behind the Costa Navarino in Messinia, Lampsa Hellenic Hotels behind the Hotel Grande Bretagne, Mitsis Hotels, Caravel Hotels, Astir Palace SA, Esperia SA, Ionian Hotel Enterprises SA, Porto Carras SA, and Aldemar.