Upcoming luxury hotels, resorts in Greece boost tourist hopes

ATHENS – There is no shortage of accommodation for wealthy visitors to Greece, but hotel and resort developers are bringing more, anticipating a faster return to the boom in the tourism sector.

In an article, Business Daily noted the trend, reporting investments in resorts on the islands of Mykonos, Crete, Corfu and Zakynthos, according to data from Arbitrage RE.

This came days after news that the Sani / Ikos Group said it was developing a € 125million ($ 143.12million) project in Crete as Greece continues to attract investors in the hotel and resort sector.

Tourism has shown a better-than-expected return in 2021 during the persistent COVID-19 pandemic, but is not expected to hit old record highs of 2019 until 2023, but the hospitality and resort industries are already anticipating demand at to come.

Vassilis Fotopoulos, associate director, Hospitality Lead at Arbitrage RE, told the site that “Greece is emerging as a magnet for large tourism investments that will attract luxury tourism.”

“The demand for hotel properties by foreign and domestic institutional investors has not stopped during the pandemic, while new reliable and international investors have expressed interest in entering the Greek market,” Fotopoulos said.

“Demand has focused on two main categories, city hotels for renovation and large-scale resorts in popular island destinations, with the ability to modernize and have their management taken over by international brands,” he added.

Among the resorts that will open in 2022 are the five-star Once in Mykonos hotel, located in Ornos (managed by Louis Hotels), and the One & Only Aesthesis in Asteria Glyfada, which will have 127 rooms, suites and villas – a collaboration between the Kerzner International brand and Grivalia Hospitality, the site said.

Besides the new facilities, foreign hotel chains are planning to modernize existing hotels, especially in Athens which has become a fashionable city in Europe, and no longer just a jumping off point to the islands.

A number of new hotel units are opening in central Athens for investments estimated at more than 100 million euros ($ 114.5 million) for the year 2022 alone.

Citing data from Tourism Economics, GBR consultants estimate that there will be a strong rebound in 2022, but that “full recovery is expected in 2023, while long-distance travel to Greece is expected to recover in 2024”.

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