Q1 2014 Greek Hospitality Industry Performance
The impact of the Greek crisis on the Athens tourism industry in the period 2010 to 2013 has been significant (full analysis here). GBR Consulting has estimated that the total loss in that period amounts to € 2.5 billion for the sector as a whole, of which € 820 million was for the Athens hotels. However, Athens tourism has been recovering since May 2013, as the negative headlines on Greece disappeared and a positive outlook started emerging. In the first quarter of 2014, we have seen significant increases in international tourist arrivals (+32%) as well as significant improvements in occupancy levels, albeit with stabilising room rates, which remain 21% lower than the corresponding quarter of 2008.
The resort hotels that were operating though this first quarter showed strong improvements in RevPAR compared to the same quarter last year. In Thessaloniki occupancy improved in Q1 2014, while room rates showed a minor drop.
Internationally, the Cairo hotel sector continues to suffer. Some tour operators mentioned that Greece and also Spain's Canary Islands were benefiting from the uncertain situation in Egypt.
Phone: +30 694 247 4480