Greek Hotels See Revenue Boost in 2024, Driven by Higher Room Prices

Greek hotels recorded a rise in revenue in 2024, primarily due to increased room prices rather than a surge in occupancy, according to a recent report by analytics firm GBR Consulting.

The “Greek Hospitality Industry Performance 2024 Q4” report highlights that the spring and autumn months were particularly strong for Greek tourism.

By the end of 2024, it is estimated that Greece will have welcomed 36 million international visitors, generating 20.6 billion euros in spending (excluding cruise revenues). In addition, the cruise sector is projected to have generated 1.1 billion euros, marking a 31 percent increase compared to the previous year.

Hotel revenue up by 11.1%

GBR’s monthly hotel performance surveys, covering nearly 8 million room nights and 1.8 billion euros in total revenue from both city hotels and resorts, reveal that Greek hotels saw a modest 0.6 percent increase in room nights in 2024, compared to 2023.

However, the total revenue increase was much higher, reaching 11.1 percent, mainly driven by higher room rates. This trend was particularly strong in Athens, where hotels benefited from a rise in room prices, along with a slight increase in occupancy.

In Thessaloniki, the revenue per available room grew by 9 percent in 2024, thanks to an increase in average room rates. Other city hotels across Greece saw a small decline in occupancy but recorded moderate room rate increases, leading to a modest overall revenue increase of 1.3 percent.

Resorts outperform city hotels

Resorts, despite facing competition from short-term rental properties, experienced a stronger performance, according to GBR’s data.

Occupancy rates in resorts increased by 3.4 percent compared to 2023, while the total daily revenue per booked room grew by 12 percent. As a result, total resort revenue rose by 10.6 percent year-on-year. These numbers demonstrate the resilience of resort hotels compared to city hotels.

Hotel sector deals highlight growth

The report also covers recent developments in the Greek hotel sector, including several significant acquisitions. Notable transactions include Akti Hotels’ purchase of the E-Geo Easy Living Resort, Goldair Group’s acquisition of the Mykonos Flow Hotel in December 2024, and Blackstone’s investment funds, alongside Hotel Investment Partners (HIP), acquiring the Alexander the Great beach hotel in Halkidiki, which will be operated by Mitsis.