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Athens Accommodation Sector Expands with Hundreds of New Rooms

Photo © Athenaeum Palace Luxury Suites

Photo © Athenaeum Palace Luxury Suites

Athens is seeing the opening of new accommodation units and the launch of new projects due to the strong increase in demand for hotel rooms, the latest report by GBR Consulting, on Greece’s hospitality industry, said on Wednesday.

Electra Metropolis, Athens. Photo Source: Electra Metropolis | © Christos Drazos

Electra Metropolis, Athens. Photo © Christos Drazos

According to the data, over the past 2,5 years some 1,000 new hotel rooms have been added to the hotel sector in central Athens, including the 5-star Electra Metropolis and the 4-star Athens Avenue in 2016, the 4-star Athenaeum Grand Hotel in 2017 and recently the 4-star Athenaeum Palace & Luxury Suites, the Wyndham Grand Residences & Suites and the 4-star Breeze Boutique Hotel.

In addition, about 750 hotel rooms re-opened in this period as they were closed during the Greek crisis. These include the 4-star Athens Tiare, the 5-star Wyndham Grand and the 5-star Athens Hyatt Regency which is expected to re-open by September this year.

An impression of the Academia of Athens Hotel. Photo source: mtarchitects.gr

An impression of the Academia of Athens Hotel. Photo source: mtarchitects.gr

Meanwhile, some 400 new hotel rooms are currently under construction in Central Athens of among the 5-star Academia of Athens (Autograph), Coco Mat Acropolis and the property of the former Agrotiki Bank (Lampsa SA), which will likely introduce the brand MGallery of Accor to the Athens market.

Furthermore, GBR said that another 400 new hotel rooms have been announced and are planned to be available in Athens.

Archive photo of Esperia hotel, locked on Stadiou Street incentral Athens.

Archive photo of Esperia hotel, locked on Stadiou Street in central Athens.

Moreover, currently 720 hotel rooms in Athens are not in operation including those in the former Acropol hotel, La Mirage and Esperia Palace. Regarding the latter, the property owner EFKA, the Single Social Security Entity, is in the process to rent the 185-room property for 30 years with the option of another 10 years to an investor who is willing to invest at least 10.5 million euros.

In regards to the rooms-to-let sector in central Athens, a growth of 239 percent in terms of properties and 157 percent in terms of rooms was recorded over the past 3 years. About 72 percent of the units in operation today carry the 4-key category, but many of them are marketed as (luxury) hotels.

GBR also noted that the number of properties on accommodation sharing platforms (Airbnb-type short-term rentals) is growing exponentially. The Independent Authority for Public Revenue (AADE) is expected to soon launch an electronic registry for property owners leasing their homes via online sharing platforms.

GBR’s analysis of central Athens, does not include hotel developments in Piraeus, the Athens Riviera and the east coast of Athens.

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