Hotels in Athens reported considerable performance improvement in 2013, according to STR Global and GBR Consulting. Following the 2004 Olympic Games, the market experienced substantial growth, with large increases in occupancy and average daily rate. As a result of a prolonged period of societal turmoil, this trend was reversed by the end of 2008. Property
"The time of social turmoil had a substantial impact on the hotel industry in Athens, since demand for the city fell," said STR Global managing director Elizabeth Winkle. "The industry's performance, on the other hand, has been improving for about a year, and we expect this trend to continue. Positive news has emerged regarding Greece's economic status and prospects. Because of Athens' desirability as a destination, leisure tourism is likely to rebound further if this can be maintained "..
Stefan Merkenhof, managing consultant at GBR Consulting, believes that "The Greek crisis had a substantial impact on the Athens tourism business from 2010 to 2013, with a total estimated loss of EUR2.5 billion for the sector as a whole, including EUR820 million for Athens hotels. However, since May 2013, when the unfavorable headlines about Greece faded and an optimistic outlook began to emerge, Athens tourism has been improving. We have seen large increases in foreign visitor arrivals as well as significant improvements in occupancy levels in Athens in the first two months of 2014, albeit with stabilizing room rates. With the leisure market stabilizing and obvious evidence of the conference and incentive market returning to Athens, the city appears to be on track for a significant rebound, in accordance with its diverse offering for leisure and MICE travelers equally "..
The fall reached a nadir in 2013, owing to a rebound in leisure tourism. In comparison to 2012, occupancy levels improved dramatically from April onwards, although room rates remained stable. In 2013, occupancy increased by 7.0 percent to 56.8%.
Revenue per available room increased dramatically as a result of the increased occupancy. The market's RevPAR climbed by 7.9% to EUR53.89. The Economy segment saw the greatest gain in RevPAR, with a 13.2% increase, followed by the Upper Upscale segment with a 4.7 percent increase.