Tourism: Landing of luxury hotel chains in Greece – Correos Económicos

By | May 14, 2023

The destination of more and more “luxury” hotel chains is Greece, and Athens in particular, in recent years, since well-known international ultra-luxury brands choose the capital and our country to expand their network.

luxury chains

The arrival of luxury chains in the country also positively affects tourism revenue as they house high-income tourists, while at the same time the average room rate increases as the most luxurious units “pull up” and the rest in room price terms. It is indicative that, according to the trivago Hotel Price Index, the average price of a room in Athens increased in May to 173 euros by 31.6% compared to last year.

As the outgoing president of the Association of Greek Tourism Companies (SETE), Mr. Yannis Retsos, pointed out in response to a related question from, many foreign luxury chains are in the country while others are preparing to come. As for prices, he added that for 5-star and luxury hotel units, the price “gap” between Athens and other European capitals has narrowed a lot in recent years. As such, the need to update the hotel product is always relevant.

What are the new “arrivals”

It should be noted that in recent years a series of ultra-luxury foreign chains have entered our country. For example, we must mention Aman Resorts, which took over the management of Amanzoe in Porto Heli since August 2012, and Four Seasons, which took over the management of Asteras Vouliagmenis in the spring of 2018. In particular, the latter changed the state of the hotel market. Greek.

Some of the world’s largest hotel chains have also developed or plan to develop their luxury brands.

Hilton and TEMES

For example, the Hilton group, which has a significant presence in Greece with the Curio Collection by Hilton, etc. brings the luxury “names” Conrad Hotels & Resorts and Waldorf Astoria Hotels & Resorts to the renovated TEMES property in downtown Athens (the former Athens Hilton).

In Costa Navarino de TEMES, Marriott, which is already present in our country with many brands (Autograph Collection Hotels, Marriott Hotels & Resorts, Westin Hotels & Resorts, etc.) brought the Hotel W included in the category of Luxury brands that it owns

TEMES, justifying the designation of “locomotive” of Greek tourism, is also the operator of other luxury chains in our country. Thus, starting this summer another luxurious and famous hotel chain will operate in Costa Navarino, Mandarin Oriental, which will manage the new Costa Navarino resort located in Navarino Bay.

The award-winning Mandarin Oriental Hotel Group owns and operates some of the world’s most luxurious hotels, resorts and residences. Starting its activity in Asia, it has evolved into a global brand, under whose umbrella 36 hotels and 8 residences operate in 24 countries.

Only one

Another of the arrivals of a top luxury brand is One & Only, which after Montenegro, expands its presence in Europe, with three investments in Greece. It is One & Only Aesthesis that will open in October 2023 in the former “Asteria Glyfadas” on the Athenian Riviera, in an area of ​​21 acres. It is an investment by Grivalia Hospitality, which includes 127 rooms, suites and private villas, while its facilities will include the Chenot Spa. One&Only Kea on Gias Island is also expected to open in 2023, while the luxury villas surrounding it are already selling out. The company has already announced a new resort, which will begin construction in Mykonos.

banyan tree

In 2026, Accor Group’s internationally renowned luxury chain Banyan Tree will make its debut across Greece in Europe and indeed in Aitoloakarnania. This is the large investment Varko Bay by RND Investments for an amount of 182 million euros that will be developed in the Municipality of Aktiou-Vonitsa, opposite Lefkada. The project includes a hotel with 116 luxury villas and 45 brand residences. It will have three restaurants and bars, as well as a tourist marina with the possibility of mooring yachts of up to 40 meters. The Banyan Group operates more than 60 hotels worldwide, with plans for more than 50 projects by 2025. Accor has a strong presence in the Greek hotel market with Angsana, MGallery Hotel Collection, Novotel Hotels, etc.

In the investment project “Elounda Hills” which in its full development will amount to 500 million euros, includes hotels, villas, residences and other tourist facilities and the first works will begin shortly, with the aim of being completed in 2027, the great El hotel will operate under the “1 Hotels” brand of Starwwod Capital Group.

not here yet

However, there are still many luxury chains that do not manage units in our country, but that may appear in the coming years as a series of hotel projects are underway. For example, announcements about which companies will take over the management of the two TEMES hotels in Elliniko are expected soon. According to his estimates, they will be chains that have not yet had a presence in our country.

However, among the luxury chains that are absent from Greece are Ritz-Carlton, St. Ergas, JW Marriott and Marriott EDITION. Also absent for now is the Rosewood Hotels & Resorts chain that operates 30 unique luxury hotels in 18 countries with 25 new properties under construction. The chain is expected to open in 2024, Rosewood Munich in Munich, Rosewood Amsteram, Rosewood Rome, etc.

Even outside the Greek market, Six Senses, a leading brand of the Intervontinental Group (IHG) that has a significant presence in the Greek market with other brands, is also famous.

Longer lasting luxury tourism

It should be noted that, according to hotel group executives, luxury tourism is the most resistant to difficult situations such as the pandemic because it was the first market to recover. As the president of the LAMPSA group (Great Britain, King George, Athens Capital MGallery) Mr. Chloe Laskaridis said at the Delphi Forum, luxury tourism is the most resilient that has been encountered in the pandemic because it was the first market to recover and It is one of the markets that continues to resist now with inflation.

“Athens has room for further development of the specific market, there are not many high-end products. There is room. As for the average price of hotels in the city, it lags far behind. There is definitely a future. But the city will also have to change to attract customers. It is certain that Athens in the next 5 years will also change significantly in this part of the market and there will be new product categories,” added Ms. Laskaridis.

Resorts in Fea

For her part, Ms. Konstanza Sbokou-Konstantakopoulou, Managing Director of Phaea Resorts, pointed out that by switching to a more expensive tourism product, in luxury we can have more efficient investments that increase revenue and billing. EM. Sbokou also pointed out that today the perception of Greek tourism has changed, it has entered the map of luxury tourism. The infrastructures have improved somewhat and have helped large companies look at Greece

Finally, he estimated that Greece is in a more mature phase to develop its own luxury brands that will attract travelers with special requirements, who seek authenticity and not just luxury.

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