Greek Hotels See Turnover Increase to €10.6 Billion in 2023

Hotels in Greece marked a 22.5 percent rise in turnover in 2023 to 10.6 billion euros up from 8.6 billion euros in 2022, found data released by INSETE, the research division of the Greek Tourism Confederation (SETE).

The best performance was recorded among 4- and 5-star and seasonal operation hotels.

Seasonal hotels, which operated for 5.7 months on average up from 5.6, marked a 27 percent rise in turnover to 8.6 billion euros up from 6.8 billion euros in 2022. Year-round units reported a 9 percent rise to 1.9 billion euros compared to 1.8 billion euros in 2022.

Four- and 5-star hotels reported a 24 percent rise to 8.2 billion euros up from 6.6 billion in 2022 while 3-, 2- και 1-star units marked a 19 percent increase in 2023 to 2.3 billion euros up from 1.9 billion euros in 2022.

Seasonal 5-star units extended operations to 6.3 months, 4-star facilities to six months, 3- and 1-star hotels operated for 5.8 months on average and 2-stars for 5.4 months.

Overall in 2023, according to data compiled by INSETE, occupancy levels dropped. Citing ITEP (Institute for Tourism Research and Forecasts) statistics, the average room rate (ARR) increased in 2022 and 2023 compared to 2019. Indicatively, in August, peak season, ARR rose by 9 percent to 164 euros over the same month in 2022 and 150 euros.

In terms of stays, in the January-September 2023 period, hotels, camp grounds and accommodation facilities marked a 13.3 percent rise in arrivals compared to a year earlier.

International arrivals increased by 14.3 percent in the given period which accounted for 18.4 million hotel stays. Domestic arrivals rose by 13.0 percent accounting for 6.1 million stays.

International travelers accounted for 4.9 million short stays and domestic arrivals 1.4 million stays.

Lastly, according to the findings, Airbnb-style rentals increased in 2023 with the greatest growth in availability in July to 212,000 and the smallest in January to 172,000.