Hotel Transactions in Greece in 2023 Reach €300m

Reflecting a strong investor interest in Greece, hotel transactions in 2023 reached a value of 300 million euros, the third highest growth rate in Europe, according to the “Market Beat Europe – Hospitality Full Year 2023” report released by Cushman & Wakefield (C&W).

More specifically, the value of hotel transactions carried out last year was up by 23 percent compared to 2022 and 200 million euros. Overall in Europe, the value of hotels sold off in 2023 came to 17 billion euros.

Leading the way, Spain with the value of hotel transactions there in 2023 reaching 4.2 billion euros up by 44 percent from 2.9 billion in 2022. Next in line was France with the volume of sales reaching 3.1 billion euros up from 2.4 billion euros in 2022 marking a 26 percent increase year on year and in third spot the UK – together all three markets accounted for 59 percent of European transaction volume in 2023 values at 10 billion euros, up by 7 percent over 2022.

Among the Top 10 markets, Spain, France, and Greece marked the largest increases over 2022.

According to C&W data, a total of 787 hotels with a capacity of 106,000 rooms were sold off in 2023 valued at 16.9 billion euros and marking a 4 percent increase over 2022 and 17.6 billion euros.

Hotel transactions in Europe in pre-Covid 2019 were valued at 30.1 billion euros.

Portfolio transactions in 2023 accounted for one-third of the total investment volume compared to a share of 28 percent in 2022 and 45 percent in 2019. Most of these concerned entire portfolios completed in the last quarter of 2023, accounting for more than half of the transaction volume.

According to the report, upscale hotels accounted for most sales/investments (28 percent) in Europe. In terms of transaction volume, half concerned upscale and upper midscale units while 37 percent concerned upper upscale and luxury units. Only 24 percent concerned midscale and economy hotels.