Hotel Investments in Greece Surpass €1 Billion in 2024

Investments by Greek hotels exceeded €1 billion in 2024, accounting for 9% of their total turnover. The total investment amount reached €1,028,581,504, with €200 million allocated to sustainability initiatives, according to the 2024 Hotel Industry Research conducted by ITEP on behalf of the Hellenic Hotel Association (HHA). Notably, the percentage of investments in sustainability increased significantly in 2024, reaching nearly 19% of total investments compared to 13.3% in 2023. “Our research confirms that the hotel industry is showing remarkable dynamism with a positive developmental impact,” stated Alexandros Vasilikos, President of the HHA. The same study indicates stabilization of tourist activity during peak months, with occupancy and prices remaining stable compared to last year. Off-season months saw increased occupancy and rates at continuously operating hotels. Hotel revenue for 2024 amounted to €11.5 billion, an 8.8% increase from 2023. Hotels rated 1*-3* experienced a 5% revenue increase, while 4*-5* hotels saw a 10% rise. Approximately 80% of hotel revenues come from overnight stays. The hotel sector’s total contribution (direct and indirect) to Greece’s GDP reached €17,814.9 million, representing 5.9% of Greece’s GDP compared to 4.8% in 2023. The sector supported over 340,000 jobs, including 143,000 indirectly created positions in other industries. Additionally, the hotel sector contributed approximately €7.9 billion to Greece’s balance of payments. Over the past decade, the number of hotel units increased by only 4%, and rooms by 11%, reflecting qualitative improvements in Greece’s hospitality infrastructure. Foreign tourists accounted for 69.2% of guests, consistent with previous years, with over one-third of customers coming from Online Travel Agents (OTAs). For 2025 contracts, half of the hotels have signed agreements at similar levels to 2024. Seasonal operation hotels signing contracts for 2025 increased to 60% (from 55% in 2024), with 41% securing deals with an 8% price increase, matching last year’s trend. Key challenges faced by hoteliers in 2024 included finding staff, energy costs, operational expenses, reduced off-season occupancy, labor shortages, and competition from short-term rentals.