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Greek Hotel Profits

A recent survey by Stat Bank characterized the Greek hotel sector as a “two-speed industry” since 58 percent of hotels showed profits and 42 percent reported losses in 2007.

The survey, based on a sample of 795 hotels, revealed that last year 461 hotel businesses showed a profitable activity while 334 reported losses.

However, despite the losses the Greek hotel sector seems to be on a positive track.

According to Stat Bank, 795 large hotels had losses of some 23.2 million euros in 2005 but a year later they showed profits of some one million euros.

In 2007 those profits rose to 82 million euros, which shows a continued improvement in financial results over the past two years.

But the survey predicts that a large percentage of hotels will suffer in 2008 and, according to representatives of the industry, this is expected to lead to closure of businesses, mergers and acquisitions with other companies.

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About the Author
Nikos is Greek-American born in New York, USA, and has lived in Greece for over 30 years. He is the managing editor of Greece's leading monthly travel and tourism guide, the Greek Travel Pages (GTP) since June 2008 and of news site GTP Headlines since its launch in September 2012. Nikos has also served as international press officer for the City of Athens and for the mayor. He has a degree in Mass Media and Communications, specializing in Journalism. Nikos is a native English speaker and speaks Greek fluently.

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