Rapid Expansion of Hotels in Athens Signals Growing Tourism Boom

New hotels are growing rapidly in Athens, particularly in the historic centre. In an area encompassing Koukaki, Syntagma Square, Omonia, and Monastiraki, there are now over 350 hotels boasting more than 30,000 rooms. This constitutes over 72% of all the hotels in the Attica region. Meanwhile, the wave of investment in the hotel industry continues, with new establishments scheduled to open this year and the next. Given the current conditions, this rally seems set to persist in the years ahead.

In the period from 2015 to 2022, the number of hotel rooms in the centre of Athens grew by 19%, including the addition of renowned hotel brands.

The landscape of Athens is evolving, and the tourism industry is looking beyond the current 5.5 million tourists who visit the city, which has a population of 3.5 million inhabitants.

It’s important to note that research by GBR Consulting shows that the presence of international hotel chains not affiliated with tour operators in Greece is on the rise.

Compared to 2018, there has been an 80% increase in the number of hotels and a 78% increase in rooms. Five years ago, only 89 hotels were part of an international chain unaffiliated with tour operators, offering 14,869 rooms.

In the 5-star category, 14% of hotels and 18% of rooms belong to international chains not associated with travel agents. In the 4-star category, these percentages are 2% and 6%, respectively. Currently, international chains are not present in the 3-star category, but according to GBR Consulting, there are certainly opportunities.

Regarding prominent tour operators, there are currently 90 hotels with 20,360 rooms affiliated with international travel agent brands in Greece.

The Investment Trend Continues

Amid the investment frenzy witnessed in the hotel sector in the heart of Athens, another addition is the Aria Hotel, specifically the Aria Boutique Hotel situated on Andrianou Street in Thisio.

This boutique hotel, boasting elements of neoclassical architecture, is located within a listed neoclassical building and is set to open its doors in early 2024.It’s worth mentioning that the former Atheneum Conservatory, in honour of Maria Callas, once occupied this particular building. The hotel, as stated in the official announcement, has preserved characteristic features of neoclassical architecture, such as high-ceilinged spaces, plaster ceiling decorations, and a mural map in the inner courtyard.