Only 60% of hotels opened in Greece

According to a report by the Greek Institute for Tourism Research and Forecasts (ITEP), only 60% of all hotels in Greece operated during the 2020 tourism season. This is due to the travel restrictions and wider uncertainty caused by the COVID-19 Pandemic.

Athens, Greece: 4 October 2020

According to the ITEP report, only 6,700 Greek hotels operated this year, compared to 9,971 hotels that were open in 2019. These include 2,328 year-round hotels and 3,699 seasonal hotels.

According to Greek Travel Pages, average room occupancy in Greece reached 23.1% in July, August, and September. The average daily room rate (ADR) for the same period of 2020, reached €86.

The ITEP Report also revealed that 717 Greek year-round hotels that opened will close again by the end of 2020.

According to Alexandros Vassilikos, President of Hellenic Chamber of Hotels, the closure of Greek borders to certain countries immediately affects some hotels, which are dependent on foreign markets.

President of Hellenic Chamber of Hotels also shared his opinion that by the end of the 2020 tourism season, Greek hotel revenues are expected to reach less than € 2.8 bln. The fall in conference and event income is a major factor in the revenue decline.

Navigator Consulting provides Investment Advisory and Strategic Management services in Greece, Cyprus and internationally.

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Sources:

Covid-19 Kept 40% of Greece’s Hotels Closed in 2020

Greek Travel Pages. 12 October 2020

Greek Tourism Revenue decreases by 86% in January-July 2020

Navigator Consulting. 22 September 2020

DBRS Morningstar outlines COVID-19 Economic Risks to Tourism in Greece and Cyprus

Navigator Consulting. 14 September 2020