GBR Consulting Reports Greek Hospitality Industry Performance 1st Quarter 2017 (PDF Download)
The Greek Tourism Confederation is optimistic for 2017 forecasting at least 26 million international tourists, representing an increase of 5% and significantly higher receipts, targeting at € 14.4 billion, an increase of 12.9% y-o-y. We assume that this increase is based on expected changes in the market mix.
At the Athens International Airport total international arrivals declined in Q1 2017 with 0.6% y-o-y, mainly caused by the performance of the month of February, which recorded a drop of 7% y-o-y.
Occupancy levels as well as room rates of Athenian hotels showed a positive trend, resulting in an improvement of RevPAR in Q1 2017 of 12.3% y-o-y.
International arrivals at the airport of Thessaloniki increased significantly by 11.8% y-o-y during Q1 2017. February was particularly strong, which was reflected in the occupancy levels of the Thessaloniki hotel sector. Overall, RevPAR increased by 10.1% y-o-y in Q1 2017.
Those resort hotels that were in operation during Q1 started the year well. However, most resort hotels are still closed.
The hotel sector of competitive destination Madrid showed a good performance during the first quarter of 2017, especially in terms of room rates. Overall, RevPAR improved by 9.6% y-o-y in Q1 2017, while Rome improved by 3.4% y-o-y due to improved occupancy levels, but at a slightly lower ADR level compared to same quarter last year. Hotels in Cairo attracted much more tourists during Q1 2017 compared to same quarter last year resulting in improvements in RevPAR.
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GBR Consulting is a leading Greek business consultant firm. GBR Consulting supports clients develop their businesses in a structured manner leading to growth. The firm offers their clients, who are mainly active in the tourism, retail, food, construction and energy sectors, lasting solutions in the field of strategy, marketing, organisation and finance, while also delivering litigation support.
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