Over €3 Billion Invested in Greek Hotel Industry

Hotel

The Greek hotel industry received a significant boost in 2023, with investments reaching an estimated €3 billion. This positive development comes as the country continues to upgrade its tourism offerings and experiences an upward trend in sector size.

Thodoris Tzouros, Senior General Manager and Chief Corporate & Investment Banking officer at Piraeus Bank, highlighted this investment during the International Hospitality Forum 2024 organized by the Hellenic Chamber of Hotels. He emphasised the role of Greek banks in supporting the industry, currently holding a €10 billion portfolio in tourism-related loans, representing nearly 14% of their total loan portfolio.

Mr. Tzouros remarked that even during challenging times, Greek banks have remained committed to the development initiatives of the tourism sector. He further noted the increasing trend of utilising project finance structures to fund large hotel projects, highlighting the need for detailed business plans and expertise from clients.

He also mentioned the active participation of the banking system in leveraging resources from the Recovery Fund to offer low-interest loans for hotel projects. This initiative serves as a valuable countermeasure in the current environment of high interest rates, with over €1 billion already allocated to such projects.

This news reflects the continued optimism and investment in the Greek tourism industry, which plays a crucial role in the country's economy. With continued support and strategic development, the sector is well-positioned for further growth and success.

(Source: AMNA)

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