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ICAP: Greece Tourism Growth Boosts Hospitality Sector

Photo source: Athens – Attica & Argosaronic Hotel Association

Greece’s hospitality sector is seeing a boost in revenues thanks to an ongoing upward trend in tourism, a recent ICAP sector study reveals.

According to business services group ICAP, the luxury hotel market’s value increased by 14.3 percent in 2014 compared to the year before with luxury hotels seeing their revenue grow by 19.7 percent, A’ class hotels by 10.1 percent and B’ class hotels by 14.3 percent in 2013-14. 

According to ICAP Group forecast, the upward trend has continued in 2015, with total revenue for the sector estimated to rise by 10 percent.

The ICAP survey found that the results are directly linked to a significant increase in tourism to Greece over the last three years with a some 23.6 million visitors in 2015, up by 7 percent compared to 2014.

Findings further reveal that over 80 percent of all reservations at Greek hotel units are made by foreigners with an average 74 million overnight stays recorded in 2014 and hotel occupancy rates at 47.3 percent against 45.2 percent in 2013.

The sector’s strongest points, according to the study, are Greece’s high ranking as a leading tourism destination and the country’s fine quality hotel infrastructure, while its disadvantage is the reliance of hotel groups on tour operators as well as the seasonality of tourism and the concentration of accommodation units in specific areas.

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