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Greek Hotel Revenues Rise, Overnight Stays Drop in Q3

Greek hotels exceeded pre-pandemic 2019 revenues by 19 percent in the third quarter of the year (Q3) but marked a 5 to 7 percent drop in the number of overnight stays, found a monthly study carried out by analytics firm GBR Consulting

According to the study on the Greek hospitality sector’s performance for Q3 2022, overnight stays in Greece in September decreased by 11.8 percent compared to the same month in 2019, with revenues up by 13.1 percent over 2019.

Source: GBR Consulting.

GBR Consulting cites Bank of Greece data of a 10.6 percent increase in average spending from January to August. At the same time, spending per trip went from 591 euros in 2019 to 654 euros in 2022. In the eight-month period, the number of international arrivals dropped by 12.4 percent. According to forecasts, travel receipts are expected to reach 2019 levels this year.

Meanwhile, data for Athens and  Thessaloniki collected on behalf of the Athens-Attica & Argosaronic and Thessaloniki hotel associations found occupancy rates to be down by 14.7 percent in the January-September period compared to the same months in 2019, but average daily spending (ADR) increased by 14.4 percent in the period under review.

Source: GBR Consulting.

Revenue per available room (RevPAR) dropped by 2.5 percent but managed in June, July and August to exceed 2019 levels.

Last month, the Athens-Attica & Argosaronic Hotel Association (EXAAA) said hotel occupancy rates in Athens were showing signs of improvement as a result of the year’s tourism dynamic.

Looking ahead, the report’s analysts note that high inflation, increasing energy costs, lower disposable incomes, higher jet fuel prices and imminent air fare increases are found to impact travel. At the same time, the country’s hospitality sector will have to deal with staff shortages, while maintaining high standards and the high quality of services.

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