Increase in occupancy of the 5-star hotels in Athens, but not in prices

Although the hotels in Greece worked with over 90% of their capacity this summer, their room rates did not rise respectively, according to the 5-star hotels of Athens.

Based on the latest figures from the well-known GBR Consulting the prices in 5 star Athens hotels, including Great Britain, King George, Hilton, Intercontinental, Electra Palace, Electra Metropolis, Wyndham Grand, New Hotel and others, were on Average Room Rate in July 2017 at 179 Euros, from 181 Euros in June. In the seven months of 2017, the average room rate was 155 Euros, marginally 1,3% down compared to 157 Euros in 2016, which is largely due to high competition. In fact, the biggest price drop of 5,8% was recorded in June, when the Average Room Rate was at 181,5 Euros from 192,6 Euros in the corresponding 2016 period.

The reservations have increased to almost 73% in the first seven months of 2017 from 66,2% of the same period in 2016. Specifically, in the two months of June-July the reservations in the 5-star hotels of Athens exceeded 90%, while in the first seven months of 2017 the change was 10,2%, with the best performances in the first months of the year in January and March.

Increase in Revenue per Available Room is observed for the 5-star hotels in the seven-month period of 2017, although during June and July there is a drop. Thus RevPAR for January-July increased by 8,8% to 113,2 Euros, while for both June and July it decreased by 1,7% and 1,2% % respectively.