Athens Hotel Room Rates Cheaper than in Rival Cities

Photo source: Visit Greece

Athens hoteliers are still struggling to recover pandemic-induced losses with occupancy levels in the first five months of the year down by 26.8 percent compared to 2019 and limited increases to average room rates, said the Athens-Attica & Argosaronic Hotel Association (EXAAA) this week.

According to the association, “despite optimistic forecasts and a visible increase in the flow of foreign visitors to Athens, the first five months of 2022 saw a 26.8 percent decline in occupancy and a concurrent 25.8 percent drop in revenue per available room (RevPar). Only the average room rate showed a small positive change, up by 1.4 percent compared to the corresponding five months in 2019”.

Based on five-month data processed by GBR Consulting, EXAAA said May performance helped cover lost ground with an improved average room rate and average occupancy at 82.1 percent in Athens, however still down by 6.9 percent compared to 2019. Five-month results were also “significantly” down over the same period in 2019.

Rival cities have higher room rates

Looking at rival cities – Rome, Paris, Vienna, Munich, Barcelona, Madrid and Istanbul – occupancy levels and room rates were higher compared to Athens in the first five months of the year.

More specifically, Paris saw occupancy reach 61.9 percent and ADR at 249.47 euros; Rome occupancy levels reached 54 percent with an average daily rate of 165.97 euros; Barcelona occupancy came to 61.4 percent with ADR at 136.32 euros; Madrid occupancy came to 60.2 percent and ADR at 122.58 euros, while Istanbul saw occupancy levels reach 66.8 percent with ADR at 104.98 euros.

In Athens, occupancy levels came to 52.6 percent and ADR at 98.07 euros.

Compared to 2021 average room rates in the five-month period, London recorded a 119 percent rise, Istanbul a 39.2 percent increase, Vienna a 36.6 percent rise, while Athens recorded a limited 12.6 percent increase.

Athens hoteliers had expressed their disappointment with occupancy rates recorded in the first four months of the year, which marked a 33.6 percent decline over the same period in pre-pandemic 2019. More specifically, occupancy rates for the January-April 2022 period were down by 33.6 percent, revenues per room dropped 36.3 percent, and average daily rate decreased by 4.1 percent compared to the same four months in 2019.