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Troubled Hotel Business in Attica

imagesAfter six years of shrinking occupancy rates, hotels in of Attica are showing a small bounce, while the average revenue per available room crept up between January and August.
The head of the Athens-Attica Hotel Association, Alexandros Vasilikos stated at a press conference that in a period when one in seven units was forced to shut down, a 9,1% increase in average occupancy in the year to end-August was observed, in comparison to the first eight months of 2012.
As ANSAmed reports the average occupancy rate reached 59% this year (almost three in every five rooms), while revenues per available room increased by 5.9% year-on-year to reach 58.80 euros. That was despite a 2.1% decline in the average hotel price that came to 81.7 euros. From 2007 to 2012, the average occupancy rate fell 24.1%, revenues per available room dropped 36.4% and the average hotel room price slid 16.2%.
In the last six years, as many as 89 hotels with a capacity of 6,872 beds shut down in the region due to pressure created by the crisis, high operational costs, the high cost of borrowing, the destination’s constant negative publicity and reduced clientele, among other reasons. There are currently 651 hotels operating in Attica and on the nearby islands, with 31,645 rooms and 58,837 beds.
 

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