Greek hotels: Revenues in 2024 soar 11% above 2023 - read the latest investments

Overnight stays in Greek city and resort hotels in 2024 increased by 0.6% compared to 2023 and a 12% increase compared to 2022, while revenues increased by 11.1% and 33% respectively.

The data comes from the monthly survey by gbr Consulting, which covers almost 8 million overnight stays and 1.8 billion euros in revenues from city hotels and total revenues from resort units.

In Athens and Thessaloniki, revenue per available room increased by 12% from 2023 and 38% compared to 2022. Athenian hotels were “bonused” by higher room rates and a moderate increase in occupancy, while Thessaloniki (an increase of 9% compared to 2023) was mainly caused by the rise in the average room rate.

In the remaining cities, hotels recorded a small decrease in occupancy, a small increase in prices, and an increase in revenue per available room of only 1.3%.

Resorts had an increase in occupancy of 3.4% compared to 2023 and 4% compared to 2022, while total daily revenue per occupied room increased by 12% and 19% respectively. Total revenue increased by 10.6% compared to 2023.

The latest hotel investments in Greece

At the same time, great mobility is also recorded in hotel investments.

The E-Geo Easy Living Resort, formerly Atlantica Holiday Village Kos, becomes part of the Akti Hotels group controlled by Nikolaos Koutras. The four-star hotel is located in Marmari, Kos, and was renamed Akti Coast Club. It has 4 restaurants, 5 bars, 4 outdoor pools, and 342 rooms on 2 floors in 21 building blocks, while it will operate with an all-inclusive concept. The resort will be upgraded to a five-star and the total investment will reach 58 million euros. The group includes the five-star Akti Imperial in Rhodes, which includes 710 rooms and carries the Dolce brand of Wyndham Hotels & Resorts, the five-star Akti Palace in Kos with 189 rooms, and the five-star Akti Beach Club in Kos, with 416 rooms. After the recent agreement, its total number of rooms rises to 1,657.
In December 2024, Goldair announced the acquisition of the five-star Mykonos Flow Hotel, on Super Paradise beach, through its subsidiary Sunrise Properties, which was established last summer. The total investment amounts to 12 million euros, with potential expansion in the future. The hotel is located on a 2.2-acre plot and features 21 suites with private pools, a restaurant/bar, and a wellness center with a spa and gym. The hotel is managed by Hotel Brain.
After the acquisition of the five-star Grand Hyatt for 235 million, Blackstone and Hotel Investment Partners (HIP) acquired the four-star Alexander The Great Beach Hotel in Halkidiki, with 208 rooms. The hotel will be operated by Mitsis, marking its first presence in Halkidiki. In addition, in November 2024, the acquisition of the five-star Sunprime Miramare Beach in Rhodes, with 174 rooms, was announced, which increased HIP’s portfolio to 10 hotels in Crete, Corfu, Zakynthos, Halkidiki, and Athens and its total number of rooms to 2,639. It is noted that in the summer of 2024, Nordic Leisure Travel Group (NLTG) entered into a sale and leaseback agreement with Premia Properties, which included the Sunwing Kallithea Beach Hotel in Rhodes and the Sunwing Makrigialos & Ocean Beach Club in Crete.
In October 2024, shipowner George Prokopiou acquired a 33.75% stake in Apollo Investment Holdco SA (for 150 million euros), owner of the luxurious Four Seasons Astir Palace.
At the end of October 2024, the Karatzi Group reached an agreement to acquire the five-star Aldemar Knossos Royal in Cheronissos, with 413 rooms, for 80 million euros. The resort is due to undergo a renovation that will be completed in 2026. The Karatzi Group is active in manufacturing, trade, and electricity generation and is active in the Greek hotel sector with the Nana Hotel chain. The group's hotel portfolio includes the five-star Nana Golden Beach, 500 rooms (since 1985), the five-star Nana Princess, 107 rooms (joined in 2018, with five newly built villas added in early 2024) and now Knossos Royal, bringing the total number of rooms to 1,020. In 2022, Nana Hotels expanded with the Nana Tennis & Sports Club and the Nana Water Park. In 2018, the Angelopoulos family exited Paradise Village and Amilia Mare in Rhodes, now operated as Ella Resorts by Harvard Investment Group (HIG). In 2022, Aldemar Royal Mare and Aldemar Cretan Village in Hersonissos, Crete, were also sold to Mitsis Hotels & Resorts.

RELATED TOPICS: Greece, Greek tourism news, Tourism in Greece, Greek islands, Hotels in Greece, Travel to Greece, Greek destinations, Greek travel market, Greek tourism statistics, Greek tourism report