New Investments in 2021-2022 Boost Greek Hotel Sector

Nearly 4 billion euros went into Greece’s hotel sector over the last two years with the bulk of funds invested in the construction of new hotels, found a study released this week by INSETE, the Greek Tourism Confederation’s (SETE) research body.

More specifically, according to tentative data from INSETE’s “Contribution to the Greek Economy 2022” report based on Hellenic Chamber of Hotels and Foundation for Economic & Industrial Research (IOBE) data, approximately 1,894 billion euros went into the construction of new hotels or the repair, renovation or restoration of existing units in 2021 and 2,033 billion euros in 2022 – up by 7 percent overall.

A total of 1,06 billion euros were invested in 2021 for the construction of new hotels: 5-star units (226 million euros), 4-star hotels (488 million euros), and 3-star facilities (219 million euros).

In 2022, 1,4 billion euros went into new hotels: 5-star units (511 million euros), 4-star hotels (466 million euros), and 3-star facilities (299 million euros).

The INSETE report found that of the nearly 25,000 new rooms, 5,182 were in 5-star hotels, 8,181 were in 4-star units, τα 5,860 in 3-star hotels and 5,711 in 1- or 2-star hotels.

Over the 2021-2022 period, a total of 1,45 billion euros was invested in hotel renovations, repairs and maintenance. A closer look reveals that the bulk of funds – approximately 615 million euros – went into the renovation of 5-star hotels, 396 million euros into 4-star hotels, 270 million euros into 3-star units, and 171 million euros into 1- and 2-star facilities.

Overall, according to the INSETE study, 8,669 billion euros were channeled into tourism in the 2021-2022 period.