Surge in Hotel Investments and Brand Debuts in Greece

Greece's hotel sector is experiencing an unprecedented investment boom, with more than €3 billion spent in 2023 alone on new hotel projects and the enhancement of existing facilities. This investment spree, highlighted by Theodoros Tzouros of Piraeus Bank at the 2024 International Hospitality Forum, indicates a robust confidence in the country's tourism future. Notably, the investments are not just concentrated on the luxury segment but span across various hotel categories, including three-star and two-star properties, signaling a comprehensive growth strategy across the sector.

The scale of investment extends beyond immediate developments, with the banking sector, particularly Piraeus Bank, estimating that out of €70 billion aimed at financing Greek enterprises, €10 billion is earmarked for the hotel industry. Additionally, the Recovery and Resilience Fund is playing a significant role, already funding hotel projects worth about €1 billion. This financial momentum is complemented by the arrival of new luxury hotel brands like One&Only and Hyatt's Zoëtry, alongside expansions by established players like Accor's Ibis brand, further diversifying Greece's tourism and hospitality landscape into 2024 and beyond.

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