Performance of the Greek hotel industry in the first quarter of 2022

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  • The cities of Athens and Thessaloniki have begun their recovery. Domestic traffic at Athens International Airport is recovering faster than international traffic, reaching 78% and 70% respectively of 2019 for the month of March.
  • In terms of international traffic, Thessaloniki airport is recovering faster than Athens reaching in March 2022 a level of 83% of 2019, while domestic traffic reaches a level of 72%. With a recovery in traffic in March, Thessaloniki’s hotel market recorded a RevPAR of 80% of the 2019 level in March 2022, while Athens reached a 62% level of 2019 in the same month.
  • Overall, the Athens and Thessaloniki hotel markets achieved a RevPAR of €28 during the first quarter of 2022. For Athens, this is significantly lower than its international Mediterranean peers of Rome, Barcelona, ​​Madrid and Istanbul. In addition, Thessaloniki’s performance remained below that of many competitive international markets, with the exception of German destinations, which recorded low occupancy and room rates during the first quarter.
  • City hotels outside of Athens and Thessaloniki achieved around 38% occupancy in the first three months of 2022. As for resort hotels, few units were in operation in the first quarter, reaching occupancy levels below 35% on average.

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GBR Council is the leading hospitality and tourism consultancy in Greece. His experience includes market and financial feasibility studies as well as appraisals and development plans for hotels, resorts, spas, marinas, casinos and gaming, conference centers and arenas, theme parks, golf courses, etc. GBR Consulting is affiliated with CBRE Atria, the Greek branch of CB Richard Ellis, together providing a specialized service for tourist property transactions. GBR Consulting has a database with financial data for more than 1,000 hotel establishments in Greece and has a data sharing agreement with STR Global, the largest database of hotel operational data in the world.

Markets & PerformanceGreece

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