Attica changes its “face” and fills with five-star hotels: the rapid increase in luxury hotels in recent years

Above him is the Greek tourism with five-star hotels are constantly increasing in Attica and luxury accommodations to “spawn” in every corner of our country. Investors ‘vote Greece’ carrying in their suitcases huge sums that change the “face” of the hotel infrastructure and enhance even more the holidays made in Greece.

Our country is changing the level of tourism attracting more and more visitors from all corners of the planet while continuous investments increase arrivals tourists and of course the collections for the state coffers.

“The last five years only in Attica five-star hotels saw a 55% increase» Hellenic Chamber of Hotels President and HOTREC Chairman Alexandros Vasilikos emphasizes speaking to Newsbeast. “Big brands are entering our country and many funds are being invested in quality tourism investments,” he adds.

“Greek hotels are at the forefront of investment”

Referring to hotels in Greece, Alexandros Vasilikos points out that it is a fact that they are at the forefront of investment.

“Through the annual studies carried out by ITEP on behalf of the Hellenic Chamber of Hotels, we find that they invest each year in renovations of 600 million euros up to 1 billion euros” the president of HOTREC (Pan-European Hotel and Restaurant Confederation) tells us.

“This has an impact both on the qualitative characteristics of the hotel potential and on the number of stars, since we see a continuous increase in the participation of 4 and 5 star hotels in the overall potential of the country and more specifically of Attica. . It is very important that the quality characteristics increase in all categories of hotels and that we offer all hotels a good “value for money”explains Alexandros Vasilikos.

“We see investments that can modernize and change the characteristics of our destinations for the better”

The President of the Hotel Chamber of Greece and President of HOTREC notes that at the moment we are seeing many brands entering our country as well as many funds that are placed in quality tourism investments.

“Some of them are investments that can modernize and change the characteristics of our destinations for the better” he specifies and underlines: “We cannot fail to refer to the project of Ellinikou“.

“Attica has seen its hotel potential increase by 8% in the last five years”

According to Alexandros Vasilikos: “In figures, Attica has seen its hotel potential increase by 8% over the last five years. If we focus on five-star hotels, this increase is 55%. It also shows us the dynamics of quality development tourism“.

“Certainly, hotels can offer the necessary condition for the necessary improvement of indicators compared to our competitors, but they must necessarily be accompanied by parallel investments in infrastructure” concludes the president of the Hotel Chamber of Greece and president of the HOTREC.

The dynamic return of the Greek hotel

Her dynamic return of the Greek hotel last summer, after two difficult years (2020-2021) due to the coronavirus pandemic, returns the annual survey of the hotel industry in 2022, which ITEP carried out on behalf of XEE

The survey, presented in April 2023, captures all the basic numbers that make up the financial reality of the Greek hotel. At the same time, the study highlights the rapid recovery – the sector’s ability to adapt to the challenges of the moment which is “the main pillar of the success of Greek tourism for the 2022 season”.

Key findings from ITEP’s research include:

• The average occupancy in August 2022 slightly exceeded that of the corresponding month in 2019, with 88% and 86.8% respectively.
• In August 2022, 25% of double rooms were available at a price of up to 70 euros, 50% of hotels were priced between 70 euros and 178 euros and the remaining 25% were available at a price above 178 euros.
• The average price for a double room in August 2022 was 150 euros.
• Total hotel revenue in 2022 was slightly higher than in 2019.
• Hotels in continuous operation underperformed hotels in seasonal operation on all key indicators (occupancy, price, etc.) resulting in a -21.2% drop in revenue compared to 2019.
• A similar picture emerges from the performance comparison between 4* & 5* hotels and 1* to 3* hotels (revenue vs 2019: 4* & 5* +13.1%, 1– 3 -22.3%).
• 18% of total hotel investments in 2022 were sustainable investments.
• About 1/3 of hotel customers come from online travel agents (OTAs).
• Among the hotels that signed contracts with tour operators for 2023, 85% signed contracts with prices increased by an average of 11.4%.
• The biggest challenge hoteliers faced in 2022 was staffing and energy costs.
• Short-term rental competition and liquidity continue to be a major concern in the industry.