Greece is typically a seasonal market with ADR rising from May to October. How this seaside destination may be impacted?
In these exceptional circumstances, Hospitality ON and its partner OK-Destinations make the hotel performance statistics freely available so that you can follow the news and be informed in the best possible way.
As we analyzed 10 months ago, Greece had been developping a strong policy to diversify it's tourism and lower seasonality. Efforts started to be paid with a larger season fo hoteliers. The Covid-19 crisis struck Europe right at the moment when tourists started to book their summer holidays, in addition , many resorts and hotels are not to open before June, regarding the current containement obligations. The bankrupcy of Thomas Cook is another thorn in Greece's magpie.
Hoteliers in Greece ended the year 2019 with -1.3 point in OR and -1.1% in RevPAR (93.1 euros Excl VAT). Hotels and resorts will face a trong battle to rent the 425,973 rooms avalaible in the country as of January 2019 (source European Hospitality Report).
Focus on the current situation
In Athens, from March 1st, the RevPAR dropped by -55,96% to reach 31.82€ (excl VAT). OR dropped by -35.66 points to reach 23.92%.
Athens Average Daily Rates and RevPAR, March 1 to 16
Athens Occupation Rates, March 1 to 16