Significant investments in luxury hotels and the entrance of major international hotel chains into the Greek market have played a key role not only in boosting tourism revenues, but more importantly, in driving a substantial rise in average room rates across major cities, in Greece.
According to the latest quarterly report by GBR Consulting, this trend is particularly evident in both Athens and Thessaloniki.
Record-breaking Room Rates in Athens
In the Greek capital, the average daily rate (ADR) has hit record highs, maintaining steady occupancy levels. In 2024, the ADR surged by 10% compared to 2023, and by a striking 42% when compared to 2019. This impressive growth places Athens ahead of Madrid and narrowing the gap with Barcelona, where ADR rose 8% year-on-year and 33% compared to 2019. This upward trajectory is largely attributed to the expansion of Athens’ luxury hotel segment.
Since 2017, eleven new international hotel chains have entered the broader Athens region, bringing the total to 23 operators managing 40 distinct hotel brands by 2024.
The presence of international brands is most prominent in the five-star category, where they now represent 43% of hotels and 52% of rooms. In the four-star segment, their footprint is smaller but growing, accounting for 12% of hotels and 25% of available rooms.
Thessaloniki Crosses the €100 ADR Threshold
Thessaloniki is also experiencing a notable transformation. In 2024, the city saw a 3% increase in hotel occupancy rates compared to the previous year, while the average daily rate rose by 6%, surpassing the 100 euros mark for the first time. Revenue per available room (RevPAR) climbed by 9%.
Industry stakeholders remain optimistic about the city’s tourism prospects. Between 2019 and 2024, the number of five-star hotels and rooms in Thessaloniki grew by 40% and 22% respectively, while four-star hotels and rooms increased by 19% and 7%.
Currently, five international hotel chains operate in the city, offering six brands—all in the five-star category—alongside 13 national chains and two local ones.
Thessaloniki’s hotel sector is also expanding with several major developments underway. Among them are the five-star hotels NYX Thessaloniki, Electra hotel.
