The Athens – Attica & Argosaronic Hotel Association performed a study on the Attica hotel occupancy during January – July 2020. The study shows that the hospitality sector of the Greek capital region suffered a 49.2% decline in occupancy in the first seven month of the year.
Greece, Athens: 27 August 2020
The Greek hotel occupancy study was conducted by GBR Consulting on behalf of the Association. Please note that the analysis only concerns open and operating hotels. When compared to the total hotel number (including closed hotels), the occupancy decline is far greater.
According to GBR, Revenue per Available Room (RevPAR) at Athens hotels declined by 62.0% and Average Room Rate (ARR) by 25.2% in the period of January - July 2020.
* Weighted on rooms available in Attica hotels of 5*-3*, excluding the Islands & Piraeus.
According to the findings, average Occupancy Rates were not higher than:
25.7% in June 2020, showing a decline by 72.3% compared to June 2019
36.5% in July 2020, showing a decline by 59.3% compared to July 2019.
Revenue per Available Room for June dropped by 79.0% and by 76.7% in July. The Average Room Rate fell by 24.0% in June and by 42.7% in July.
According to hotel performance in other European cities, Athens, London, Madrid and Istanbul recorded occupancy declines of over 50% this year. Among the other cities experiencing even greater decline were:
Rome: down by 66.5%
Barcelona: down by 61.2%
Vienna: down by 60.3%.
The Hotel Association underlines the importance to formulate a crisis management strategy in time to prepare for a “worst-case scenario” and to work towards safeguarding tourism enterprises and jobs.
Navigator Consulting supports tourism investments in Cyprus and Greece, and has extensive experience in due diligence on tourism and property investments. Please contact us for more information.
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Philip Ammerman
Managing Director
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Sources:
Greek Travel Pages. 27 August 2020