Lampsa Hellenic Hotels Optimistic that Recovery will Begin in 2022

Photo source: Lampsa Hellenic Hotels

Greek hospitality group Lampsa Hellenic Hotels expects to outperform 2021 next year and get back to almost pre-pandemic levels despite the fact that the new measures imposed by Greece to curb the spread of the Omicron variant have at the moment brought the market to a standstill.

Owned by the Laskaridis Group and actively involved in the Greek tourism sector, Lampsa’s portfolio includes the Grande Bretagne, King George and Athens Capital Hotel–MGallery, all which are located at Syntagma Square. The group also owns the Sheraton Hotel on Rhodes and two hotels in Belgrade.

According to management sources, the hospitality group this year saw the luxury Grande Bretagne and King George hotels having recorded 60 percent of pre-pandemic performance numbers. For 2022, the group estimates that the two 5-star hotels’ main performance metrics will be between 80 and 85 percent of 2019 levels, considering that the situation surrounding the Omicron variant does not escalate.

Moreover, despite the pandemic this year, the performance of Lampsa’s third hotel that opened its doors this year at Syntagma – the Athens Capital Hotel–MGallery, a venture of Lampsa and multinational Accor Group – is particularly satisfactory, sources say.

The rooftop of Athens Capital Hotel – MGallery.

A member of Accor’s MGallery Hotel Collection, the Athens Capital Hotel is housed in the building where the historic Kings Palace Hotel once operated and features 177 luxury rooms and suites, three restaurants and works of art by Greek artists.

The group also expects the Sheraton Hotel on Rhodes this year to close with its main performance metrics at around 50 percent compared to 2019 levels. For 2022 Lampsa estimates the Sheraton’s performance to rise to 80-85 percent of pre-pandemic levels.

Moreover, Lampsa’s two hotels in Serbia, the Hyatt Regency Belgrade and Mercure Excelsior, performed satisfactory this year and are expected in 2022 to reach a performance of between 85 and 90 percent of pre-pandemic levels.

Sources said that Lampsa this year saw a 170 percent increase in turnover compared to 2020. The hospitality group showed improved earnings before interest and taxes (EBITDA), which in the first nine months of the year had reached 12.6 million euros against losses of 5.7 million euros during the same period in 2020.

It is noted that Lampsa has another hospitality investment project in the pipeline. The group has plans to revamp a property owned by the social security entity e-EFKA on Zalokosta Street in Athens and create luxury apartments.