BUSINESS

Hundreds of Greek hotels are up for sale

STATHIS KOUSOUNIS

TAGS: Tourism, Economy

Hundreds of hotel owners have recently resorted to trying to sell their units, research by Kathimerini has found, with at least 5 percent of Greek hoteliers having placed ads in popular specialized websites over the last 40 days to sell their assets.

The number of sellers is far greater when taking into account ads published earlier last year, while many other hoteliers are choosing different means to promote their hotels for sale.

This trend highlights the flip side of Greek tourism: While there was an all-time record in arrivals from abroad last year – benefitting specific tourism destinations and hotels – there is also a great number of mainly small and medium-sized hotels that face serious sustainability issues.

The research showed that since December 2015 there have been at least 482 ads published for the sale of hotel units in Greece, with a total value of over 1.7 billion euros.

For example, in the Halkidiki peninsula in central Macedonia, 106 units have been put up for sale, asking for 406 million euros. Another 66 ads concern sales in Crete, asking for 348 million euros, including a five-star hotel in Hania. Hoteliers are also selling 53 units on the Ionian islands for 202 million euros.

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