GBR Consulting Reports Greek Hospitality Industry Performance for 3rd Quarter 2023

The Athenian hotel sector registered a strong Q3 2023 with stable occupancy levels compared to Q3 2022 and slightly lower levels compared to Q3 2019, but with significant increases in ADR both compared to 2022 and 2019. Year-to-date September 2023/19 occupancy declined 2.4%, while room rates increased by nearly 31%. As a result, RevPAR improved 27.5% YTD September 2023 /19.

Compared to Athens, hoteliers in Thessaloniki saw declining demand in 2023 compared to 2019 as occupancy levels decreased 4.3% YTD September 2023/19, while rooms rates increased by 25% for the same period. Compared to last year, occupancy improved, but only because the first months of 2022 showed very low occupancy levels. Comparing Q3 2023/22 occupancy was lower. Overall, RevPAR improved YTD September 2023 compared to both 2022 and 2019 by 24.0% and 19.5% respectively.

The resort hotels in Greece achieved significant improvement of total revenues. A sample covering 24,714 resort hotel rooms, shows that total revenue during the period April – September increased by 14.0% for 2023/22 and 38.6% for 2023/19.

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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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