Luxury Hotels in Greece See Revenues Rise in H2 2023

Hotels on Santorini, Greece.

Strong tourist demand for Greece has driven significant growth for luxury hotels in Athens and Thessaloniki in the second half (H2) of 2023, boosting RevPAR (revenue per available room) by over 25 percent compared to 2022, according to the “Market Beat Greece – H2 2023” report released by Cushman & Wakefield (C&W).

Based on C&W data, average daily rates (ADRs) in Athens reached 260 euros and 150 euros in Thessaloniki, with occupancies ranging between 60 and 70 percent.

For seasonal selected upper-upscale resorts on Corfu, Crete, and Rhodes, preliminary results indicate an average summer season occupancy slightly exceeding 75 percent, while ADR came to about 250 euros, or 8 percent above 2022 levels.

C&W analysts note that as Greece continues to position itself as a top choice for luxury travel, future prospects for the hospitality industry “appear promising, with opportunities for further expansion and development on the horizon”.

According to C&W’s “Market Beat Europe – Hospitality Full Year 2023” report, hotel transactions in 2023 reached a value of 300 million euros, the third highest growth rate in Europe.

Earlier this year, a report released by Allied Market Research found that the luxury travel industry in Greece is set to reach a value of 2.7 billion dollars by 2030, growing at a compound annual growth rate (CAGR) of 11.5 percent.

At the same time, according to the 2024 Virtuoso Luxe Report, Greece is in the Top 5 picks for luxury travelers.