Rise in Occupancy Levels for Athens Hotels in March

Despite seeing a 20 percent increase in occupancy levels in March compared to the same month a year ago, hoteliers in Athens are saying there’s still a long way to go to reach pre-pandemic figures.

According to data released this week by the Athens-Attica & Argosaronic Hotel Association (EXAAA) in cooperation with GBR Consulting, March occupancy levels were up by 20 percent over March 2022 but still down by 4.9 percent over the same month in 2019.

Average occupancy was also down in Q1 2023 by 6.1 percent compared to the first quarter in pre-Covid 2019.

Source: EXAAA.

According to EXAAA, a higher average room rate (ADR) in March at 100.89 euros from 78.85 euros in March 2022 contributed to a “slight” positive change in Q1 up by 29.5 percent compared to 2022 and by 13.9 percent compared to 2019.

Revenue per available room (RevPAR) in March at 70.70 euros compared to 39.52 euros in March 2022 boosted RevPAR in the first quarter of the year by 102.4 percent over Q1 2022 and by 6.9 percent against 2019.

Hoteliers however argue that room rates in Athens are not “competitive” and that the Greek capital is lagging behind developments compared to other competitor markets. Athens’ rival markets are offering rooms at higher rates and achieving improved revenue per available room, said EXAAA.

Source: @EXAAA.

Indicatively, average daily rate (ADR) in Rome stands at 157.71 euros, in Barcelona at 142.82 euros, in Madrid at 129.46 euros, and in Istanbul at 128.28 euros.

Looking ahead, Athens hoteliers are expecting Q1 results to improve in April and especially in May and June.

“The increase in visitor arrivals in Athens does not necessarily reflect an increase in average occupancy and revenue performance of Athenian hotels,” said the association, reiterating its call for a regulated short-term rental market, regular inspections and improved taxation.