Lampsa Hotels Plans to Open the Best Winter Resort in Greece in 2025

Greek hospitality group Lampsa Hellenic Hotels is aiming to create the best luxury mountain resort in Greece with the revamp of the Elatos Resort on Mount Parnassos.

Situated minutes away from the ski slopes of Mount Parnassos and only a 2.5 hour drive from Athens the Elatos Resort was acquired by Lampsa last year.

During a recent media event in Athens, company executives said the hospitality group will invest 15-20 million euros for the complete revamp of the resort, which includes over 40 secluded wooden chalets scattered throughout a 25-acre forest area and a wellness center.

Photo Source: Elatos Resort & Health Club / Costas Arvilias

Lampsa expects to open the revamped Elatos within 2025 and right now is considering the hospitality brand that will include the resort in its portfolio.

In the meantime, Lampsa, which owns the Grande Bretagne, King George and Athens Capital Hotel–MGallery, is expected next year to wrap up another hotel investment in the center of the Greek capital.

By September 2024, Lampsa is expected to open a small, boutique hotel in a building on Zalokosta Street, with 19 suites. The new hotel will operate in addition to the neighboring Athens Capital Hotel–MGallery located on Kriezotou Street. Owned by EFKA, Greece’s main insurance fund, the property on Zalokosta Street has been leased to Lampsa through a tender for 30+10 years.

Performance of hotels in 2023

Hotels King George and Grande Bretagne overlooking Syntagma Square, Athens. Photo source: Lampsa Hellenic Hotels

According to company executives, the hotel’s run by Lampsa will see 2023 end with much better performance than last year, while estimates for 2024 are even more positive.

Lampsa’s turnover in 2023 is expected to reach some 114.5 million euros, compared to 109 million euros in 2022. EBITDA (earnings before interest, taxes, depreciation, and amortization) is expected to reach 35 million euros, compared to 32 million in 2022.

More specifically, the Grande Bretagne hotel achieved a turnover of 63 million euros this year, against 53 million last year, the King George saw 15 million euros this year against 13 million euros last year and the MGallery hotel recorded a turnover of 17 million this year from 13 million last year.

The Athens Capital Hotel – MGallery in Athens. Photo source: Lampsa Hellenic Hotels

For 2024, the group’s turnover is estimated to increase by approximately 5 percent, with the estimate for EBITDA amounting to 37 million euros.

As the company’s executives noted, the determining factor in this year’s improved figures was the increase in the average room price and not the increase in occupancy. Moreover, the informed that profitability was lower than other years due to the rise in inflation and the increase in the salaries of Lampsa’s some 1,400 employees.

Voria project: Parnitha casino soon to move to Marousi from Parnitha

Impression of the Voria project.

During the media event, company executives also referred to the relocation of the Parnitha casino to the northeastern Athens suburb of Marousi.

The investment project, known as Voria and run by entertainment and hospitality giant Regency Entertainment, will see the relocation of the Regency Casino Mont Parnes to the “Dilaveri estate”, a property owned by the Laskaridis family (Lampsa’s owner) and located on the junction of Kifissias Avenue and Spyrou Loui in the Municipality of Marousi.

The Voria project is expected to begin following the approval of the environmental study for the construction of the new casino in Marousi. An investment of 250 million euros, the Voria project will include the relocated casino, luxury hotel, restaurants, event venues and public-use green spaces.

Regarding the appeals against the project filed by the casino of Loutraki, the Municipality of Halandri and three citizens, Lampsa’s company executives said they should be discussed next month.

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 two hotels in Belgrade (Hyatt Regency and Mercure Excelsior).