Greece: Lodge Reserving Demand to Hit 20-12 months Large in 2022, Claims Eurobank

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Desire for lodge bookings in Greece is envisioned to hit a 20-yr high in 2022, in accordance to Eurobank Deputy CEO and Head of Company & Investment decision Banking Konstantinos Vassiliou.

Talking to reporters throughout an on the web push conference on Tuesday, Vassiliou explained that despite the ongoing coronavirus (Covid-19) pandemic, the functionality of Greek tourism experienced exceeded original forecasts, primarily owing to pent-up desire for hospitality services and the rising quantity of flights to Greece.

“Data delivered by 140 motels from all more than Greece, show that some lodges have already included 40–50 percent of demand from customers for 2022 via pre-bookings. If this potent momentum continues, pent-up demand from customers could go over 70 per cent of the home and bed capability available by Greek lodges by the stop of February,” he mentioned.

Vasiliou went on to insert that hotel charges continue being at substantial levels – “higher than the selling prices of former decades, which includes 2019”.

2021 tourism revenues to reach €10-12bn

In the meantime, Eurobank’s forecast for 2021 is in line with the Greek government’s estimates for tourism revenues of 10-12 billion euros.

According to Eurobank, Greek tourism has returned to development, exceeding preliminary forecasts for revenues achieving up to 40-50 per cent of 2019 concentrations.

The financial institution expects tourism revenues to access 10 billion euros or 55 p.c of 2019 degrees in 2021. In a extra optimistic circumstance, tourism revenues could arrive at 12 billion euros or 67 p.c of 2019, dependent on the receipts of the past trimester.

It must be talked about that for the duration of the August-September interval, tourism revenues arrived at the degrees of 2019 with the hospitality sector retaining the tempo and making 48 % of immediate income.

Resort earnings to achieve 75.5% of 2019 stages

The hospitality sector is driving advancement, with revenues expected to reach 75.5 per cent of 2019 levels, Eurobank stated.

The greatest performances have been noticed in 4- and 5-star motels, as well as in hospitality enterprises on the Cyclades islands.

Higher-category resorts are expected to get better 81 per cent of 2019 revenues, though the percentage is lower for town hotels – at 57 p.c.

Eurobank primarily based its info on a sample of 140 four- and five- star resorts (36,600 rooms), symbolizing 17 % of Greece’s lodge capability.

New €750m Funding Offer

Throughout the press meeting, Eurobank also declared a new 750-million-euro funding scheme for the Greek hospitality industry.

The funding package is damaged down to:

275 million euros for the building of new resort units and the growth of present types
225 million euros for the upgrade of existing lodge units and
250 million euros for acquisitions and strategic refinancing.

Funding is predicted to enhance capability by 2,000 rooms and upgrade 4,700 rooms primarily in 4- and five-star resorts located all over the region.

30 percent of lodges that have expressed desire in the plan are in the Dodecanese 20 percent in Attica 10 percent on Crete 9 % in Halkidiki 8 percent in the Cyclades 7 % on the Ionian islands, and the relaxation in other areas of mainland Greece.

This is the next funding offer announced by Eurobank given that the outbreak of the pandemic. The lender had introduced a 750-million-euro package deal of cash for the assist of the Greek lodge industry in Might 2020.

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