BUSINESS

Oversupply of Athens hotels will require big increase in visitors

ILIAS BELLOS

TAGS: Tourism, Business

Athens will need to attract an additional 600,000 visitors a year in order to keep its growing hotel sector in business in the foreseeable future, according to hotel market experts and economist Kathimerini has consulted.

This is the level of oversupply seen being created in the capital due to the investments in the pipeline for the next three years.

That figure does not include the 110,000 additional guests required to fill (at an average occupancy rate of 70 percent) the 855 new rooms that entered the market in 2018, let alone other rooms to stem from the utilization of hotels that are currently in the possession of banks.

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