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These were the revenues of Greek hotels in 2023 | 22.5% increase to €10.6 billion | What was the average room rate | INDICATORS

HOTELS REPORTS TOURISM

Hotel revenues amounted to €10.6 billion in 2023, up 22.5% compared to 2022, when total turnover was €8.6 billion. The increases were higher in seasonal hotels and in 4 and 5 star hotels. These data are derived from a field survey of Institute Tourism Research and Forecast, that processed by INSETEP and are included in the “Special Edition – 2023 Report” of the Institute’s Statistical Bulletin.

Specifically, in hotels in continuous operation, revenues in 2023 were €1.9 billion compared to €1.8 billion in 2022, an increase of +9%. In seasonal hotels, there was a +27% increase, with turnover in 2023 amounting to €8.6 billion compared to €6.8 billion in 2022.

In 4 and 5 star hotels, revenues in 2023 were €8.2 billion compared to €6.6 billion in 2022, an increase of +24%. In the 3, 2 and 1 star category, there was a +19% increase with turnover in 2023 of €2.3 billion compared to €1.9 billion in 2022.

Months of hotel operation

The operating period of seasonal hotels in 2023 amounted to 5.7 months in 2023 compared to 5.6 months in 2022, showing homogeneity between the categories. In particular, for 5-star hotels the operating period was 6.3 months and for 4-star hotels 6 months. In the 3-star and 1-star categories, the operating period was 5.8 months and 5.4 months in the 2-star category.

Completeness

Occupancy rates for 2023 show a slight decline compared to 2022.

Graph 9: Occupancy of Hotel Accommodation

In January in particular, the occupancy rate was 38%. In February, the occupancy rate increased to 43%, while in March the occupancy rate was 39%, in April 44% and in May 53%. In June the occupancy rate increases to 75%, in July it reaches 83% and in August the occupancy rate reaches 89%, the maximum value for 2023. Occupancy drops to 79% in September compared to the previous month and falls to 49% in October and 50% in November. Finally, in December the occupancy rate is 47%.

Average Double Room Availability Price

According to ITEP’s data (Graph 10), there is an increasing trend in the average price of a double room in both 2022 and 2023 compared to 2019. In particular, August 2023 shows an increase of 9% compared to August 2022 and the average price is 164 € compared to 150 € in 2022.

In May there is an increase of +11% compared to May 2022 and the average price is €101 compared to €91 in May 2022, while in October there is an increase of +10% and the price is €103.

Annual investments

Total investments for 2023 amounted to €761 million, representing 7% of turnover, as in 2022, when total investments amounted to €621 million. The highest value was recorded in 2019, where investments amounted to €987 million. Overall in 2023, investments increased by +22.5% compared to 2022.

The rate of investment expenditure for sustainability actions in 2023 was 13.3% compared to 17.7% in 2022 and does not differ significantly between hotel categories.

In particular, in the 5-star category it amounts to 13.4% and in the 4-star category to 12.7%.
It is 13.2% in the 3-star category, while the highest value for 2023 is recorded in the 2-star category at 15.2%. Finally, the percentage of investment in sustainability actions in the 1-star category is only 8.7%.

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