Jan 17, 2021

Greek Hotel Turnover Declines by 78% in 2020

According to the Institute for Tourism Research and Forecasts (ITEP), Greek hotel turnover declined by 78% to € 1.83 bln compared to € 8.35 bln in 2019. This decline is a result of the Covid-19 pandemic and its impact on travel and tourism.

Athens, Greece: 18 January 2021

According to Greek Travel Pages only 59% of Greece’s year-round hotels managed to reopen after the first lockdown in March 2020. Some 63% of these hotels were forced to close again by the end of 2020.

Only 22% of all year-round-hotels (863 units) remained open in December 2020.

Data provided by ITEP show that year-round hotels operated for seven months on average. Seasonal hotels operated for only 3.2 months.

The average occupancy rates in Greece during July-September 2020 reached only 23.1%, whereas the average occupancy rates in September 2019 reached 79.2%.

According to ITEP, Greek hotels managed to maintain the same employment rates in 2020 compared to 2019 mainly with the contribution of state-run support programs.

Alexandros Vassilikos, President of the Hellenic Chamber of Hotels, noted that the hospitality sector has benefited from the available funding tools but needs more support. Vassilikos stated that:

“As last year, health is our number one priority and we will continue to cooperate with Greece’s epidemiologists in order to determine the time and way of opening for Greece’s hotels.”

Navigator Consulting supports tourism investments in Greece and has extensive experience in due diligence on tourism and property investments.

For further information, please contact:

Philip Ammerman

Managing Director

info@navigator-consulting.com

Sources:

Turnover of Greek Hotels Down by 78% in 2020

Greek Travel Pages. 18 January 2021

COVID Update: Winter of Discontent

Navigator Consulting. 12 December 2020

Greece records 72% decline in arriving passengers January-October 2020

Navigator Consulting. 3 December 2020