ICAP Sees Greek Hotel Enterprises Gaining Ground

Hotel enterprises in Greece are seeing improved results for the year 2014, according to findings released recently by financial services company ICAP.

Of the 860 hotel units sampled, total revenues increased by 15 percent to 2,472 billion euros in 2014, compared to 2,147 billion euros a year before.

Results in 2014, meanwhile, were positive with earnings reaching 123.8 million euros against losses to the tune of 26.7 million euros in 2013.

The figures demonstrate that tourist confidence in Greece has been restored, with experts expecting the same trend in 2015, particularly in view of recent data revealing foreign tourist arrivals exceeding 24 million for 2015 and revenue coming to 14.5 billion euros in the same period.

According to the ICAP sample, which includes hotels, tourist agencies, and camping sites, sales grew by 13.2 percent.

The data found that the largest hotel chain in 2014 — based on revenue — was the Porto Carras Group with revenues of 62,403,483 euros compared to 38,852,062 euros in 2013, and profit at 9,085,914 euros against losses of 1,174,299 euros in the year before.

The Sani Group came second with revenues at 59,560,627 euros compared to 50,788,036 euros a year ago and 34,896,344 euros in gains against 8,44106 million euros in 2013.

FAIAX AETA, controlling the Grecotel Group, came third and TEMES SA , controlling Costa Navarino, came fourth.