Athens Hotels See Off-Season Demand Boost Occupancy, Room Prices

Neoma Hotel, Athens.

Occupancy levels at hotels in Athens increased by nine percent in the first two months of the year, compared to the January-February period of 2023, creating expectations for a “total recovery”, the Athens – Attica & Argosaronic Hotel Association said on Friday

According to the association, increased occupancy levels during January and February – two months that are usually least popular for travel – also gave a positive boost to room prices.

“Athens clearly proved once again that it attracts visitors even outside the peak season,” the Greek capital’s hotel association said in an announcement.

The positive numbers released by the association follow the rise in occupancy levels in January.

“The consistently competitive prices of Athens, but also the mild winter with ideal temperatures for visitors, combined with a good internal stability – in matters that directly or indirectly affect tourism – certainly contributed to the tourist vitality observed in the city in the month of February.”

However, the association points out that Athens is still the European capital with the lowest average room rate and is consistently far behind its competitors that – despite having almost the same occupancy rates over the same time period – have a much better average room rate and better revenue per available room.

January-February

According to the data released by the association in collaboration with GBR Consulting, for the first two months of this year:
• the average occupancy of Athens hotels reached 59.3 percent (compared to 54.4 percent in the first half of 2023),
• the average room rate (ADR) reached 92.58 euros (against 90.89 euros in the first half of 2023 – showing an increase of 1.9 percent)
• the revenue per available room (RevPar) reached 54.92 euros (compared to 49.47 euros during the corresponding period of 2023, appearing increased by 11 percent).

February

In February 2024 alone, the data shows that the month developed more positively than February 2023 and also January 2024, with:

• an average occupancy of 66.3 percent (compared to 58 percent in February 2023, an increase of 14.3 percent; and compared to January 2024 when average occupancy was 52.8 percent),
• the average room rate (ADR) in February 2024 reached 94.49 euros (compared to 91.76 euros in February 2023 – up 3 percent – and exceeded 90.34 euros in January 2024),
• revenue per available room (RevPar) was recorded as 62.64 percent in February 2024 (compared to 53.23 percent in February 2023 – up 17.7 percent – and exceeded the 47.69 euros of RevPar in January 2024).

According to the Athens – Attica & Argosaronic Hotel Association, February’s average room rate and RevPar for Athens hotels were obviously positive compared to 2023.

Athens hotels still behind competitors 

However, the association said the deviations against the city’s main competitors are still “problematic”, considering that the average room price in Athens in February 2024 (92.58 euros) is significantly different from the average price of Istanbul (114.85 euros), Madrid (138.03 euros), Paris (279.98 euros), Barcelona (154.39), Rome (162.57) and other European cities. These cities also recorded a much better RevPar. Indicatively: 68.45 euros for Istanbul, 183.39 euros for Paris, 93.86 euros for Madrid, 103.13 euros for Barcelona and 88.93 euros for Rome.

The hotel association pointed out that performance could improve further if the government boosts advertising and promotional actions, improves cleanliness and safety and also “properly addresses” the activity of the short-term rental market.