-The Group proceeded with the implementation of investments for the upgrading of its hotel infrastructure and services in Greece and abroad, amounting to €80 million
-Plans for new units in Italy, Cyprus and Greece, through acquisitions or macro leases.
-Positive booking outlook for 2024, towards a turnover of €70 million and EBITDA of €30-35 million
-A strategy is needed for the labour market and to attract employees to the sector
The Zeus International Hotels & Resorts group’s development vision, which passes through the implementation of an ambitious investment plan for the upgrading of infrastructure and services, both in Greece and abroad, was presented by the management of the Zeus International Hotels & Resorts group, the CEO, Mr. Charis Siganos, the CFO, Mr. Manousos Tsuhlarakis and the COO, Ms. Christianna Mavroidis, at a press conference, with journalists from the largest business tourism and lifestyle media as guests, on the occasion of the start of the tourist season for 2024.
Zeus International, faithful to its commitment to offer high quality services, has taken significant actions in the past period, such as the acquisition of two new hotel units in Italy and Greece, Dolce Milan Malpensa in Milan and Lazart Hotel Trademark Collection by Windham in Thessaloniki, as well as extensions and renovations to its additional privately owned hotels in Greece and abroad.
Zeus International has a firm focus on acquiring privately owned properties or long-term leases, having recently acquired the six-storey building where its headquarters in Athens are currently housed. In fact, as Mr. Siganos said, after the acquisition of the hotel in Milan, “we never stay with just one hotel, at the destination”, suggesting that the same applies to Cyprus, while information suggests that the company is looking for investment opportunities in other major European markets”. Referring to the group’s founder’s progress and expansion, he stressed that in just 10 years, the group has 2,600 privately owned rooms, corresponding to 8,500 beds, and is “growing” at a rate of 1,200 – 1,300 beds per year, always with a “double” model: acquisitions or macro leases.
For 2024, Mr Siganos said that revenues of around €70 million with EBITDA of €30-35 million are expected, compared to revenues of €50 million in 2023 and EBITDA of €22-23 million, with bookings moving satisfactorily and at a positive pace. He made a special reference to personnel issues, noting emphatically that 70% of Zeus’ executives come from within the company, while of those doing apprenticeships, 50% remain in permanent positions. In addition, significant investments are being made to build accommodation for the group’s employees. However, he noted that “unfortunately there is no strategy to attract workers to the sector, although it offers high pay, rapid progression and immediate career rehabilitation”.
In response to a relevant question, he stressed that he does not intend to seek an investor to enter the company, saying, “We will do as much as we can to support”.
The strengthening of the Group’s portfolio with the two new privately owned hotels is a key action of its growth strategy, which aims to expand its footprint in the European hotel market.
In this context, Zeus International’s investment plan envisages the upgrading of the Dolce Milan Malpensa, with a completion horizon of 2025, while it is already implementing the radical renovation of the Opera Hotel in Romania.
As for the rest of the group’s hotels in Greece, Zeus International is completing the radical renovation of the recently acquired Ammos Luxury Resort in Kos, which is being upgraded to a 5-star resort in order to offer high quality services. The renovation will continue during the coming year, with the addition of new rooms and private pools.
The renovation and expansion of the facilities of the unique Ajul Luxury Hotel & Spa Resort, in Kassandra, Halkidiki, with the creation of a Water Park and Adventure Park, at Dolce Attica Rivera, with the creation of an Aqua Park and Adventure Park and at Wyndham Grand Crete Mirabello Bay with the creation of 35 rooms with private pools, reaching 343 rooms, villas and bungalows, a new restaurant, reaching a total of 11 restaurants and bars, and a unique in design and size Water Park, one of the largest in Greece.
It is important to note that the renovation and expansion of all hotel units, either within or outside the borders, have been awarded to Greek companies. These strategic partnerships represent Zeus International’s preference for local businesses, helping to strengthen the national economy through the inflow of additional revenue.
As a pioneer in the hospitality industry, Zeus International Group takes on the responsibility of providing economic well-being to 3,500 families, while also strengthening local communities in the regions where it operates.
The group focuses on maintaining close relationships with its Greek suppliers, promoting the local economy and ensuring job creation in the local communities where the facilities are based. Cooperation with local producers is the foundation of the strategy for sustainable development and social responsibility.
Commenting on Zeus International’s business initiatives, Zeus International’s founder and Chief Executive Officer, Mr. Haris Siganos, said: “We feel compelled to play our role with an innovative spirit and cost-effectiveness, providing high quality services to our customers and building unique products and accommodation experiences. By implementing our investment plan, we are ensuring the healthy growth and resilience of the Zeus International Hotels & Resorts group, fulfilling our promise to create value for all stakeholders: Guests, partners and employees.”
The Chief Financial Officer Vice President of BoD, Mr. Manousos Tsouhlarakis, added that: “With this ambitious growth strategy we have planned, the group is increasing the number of hotels owned by Zeus International, strengthening the group’s presence in the European market which is an excellent example of our commitment to the improvement and healthy growth of tourism. Having progressed within the last four years in the renovation of facilities totalling more than 300,000 sqm, we always remain committed to our goal of promoting authentic hospitality, using Zeus’ experience and expertise.”
The press release was concluded with the important reports of the Chief Operations Officer of the group’s hotels, Mrs. Christiana Mavroidi: “As part of our growth, we put the well-being of our employees at the centre of our focus. By continuously investing in healthy working conditions, we seek to create an environment where our employees can develop their maximum performance. This commitment is the foundation for providing high quality service and a hospitality experience that exceeds our guests’ expectations.
Zeus International Hotels & Resorts
With over 4,000 rooms, villas and bungalows in 5-star City, Resort and Boutique hotel types in the Mediterranean and Eastern Europe, the Zeus Group creates authentic experiences for every type of guest. From Crete, Halkidiki, Milan to Nicosia and Bucharest, it offers unforgettable choices aimed at comfort, pleasure, quality and well-being, some of the key principles of the “Zeus Experience” philosophy.
Zeus Group, inspired by the history of each place, promotes authentic Greek hospitality in dream hotels, both in and out of town.
Since 2014, the group has undertaken the operation, management and development of tourism projects and luxury accommodation, receiving awards and distinctions as a leading tourism group in the Greek economy. Among others, the cooperation with the Wyndham Group, the largest hotel chain worldwide, stands out, while it provides consulting services in demanding projects in Greece and abroad.
