SYgle>Industry Information>GBR Consulting Reports Greek Hospitality Industry Performance 4th Quarter 2016

GBR Consulting Reports Greek Hospitality Industry Performance 4th Quarter 2016

Column: industry Tag: GBR,Greek Hospitality Industry Published: 2017-02-06 15:12 Source: Author:

International arrivals at the Athens International Airport increased by 8.9% y-o-y in 2016, which is higher than forecasted by the airport at the beginning of 2016. Especially Q4 was particularly strong with double growth figures throughout the period September – December. The Athens hotel industry benefited and increased occupancy levels with 9% and room rates by 6% in Q4 compared to same quarter in 2015.

The airport of Thessaloniki recorded during H1 2016 an increase of international arrivals of 4.0%, while the increase during H2 was 16.1% compared to 2015. Occupancy improved by just 3% during Q4, while room rates declined, mainly due to December. Overall, RevPAR improved 5.4% y-o-y in 2016.

The resort hotels had a strong Q4 sourced by significant increases of international arrivals at main airports during Q4 2016 compared to same quarter last year: Dodecanese +26.7%, Crete +33.3%, Ionian Islands +38.7%, Cyclades +43.8% and Kalamata +46.0%, which shows that the tourism season is lengthening. Overall resort hotels recorded an increase of 9.6% y-o-y in 2016.

Competitive destination Madrid had a difficult Q4 mainly due to the performance in October. Rome improved occupancy levels, while room rates slightly decreased in Q4. With respect to Cairo we should point out that the shown drop of RevPAR during Q4 is caused by conversion of room rates to Euro as the central bank of Egypt massively devaluated its currency in November. Occupancy levels at hotels in Cairo show significant double digit increases during Q4 2016.

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