ECONOMY

Athens hotels may rebound in 2011

The Athens-Attica Hotel Association said on Tuesday that 2011 could be a year where the industry will see a rebound in occupancy rates, which having been continuously falling in the capital for the last three years.

?We have the strong belief that 2011 could be a year where we see a rebound. We believe that under certain conditions, such as restoration of the image of central Athens, it could be a positive year as far as occupancy rates are concerned,? the president of the association, Yiannis Retsos, said in a statement.

Data provided by the group showed that occupancy rates for five-star hotels in Athens fell to 54.9 percent in 2010 from 57 percent in 2009 and 64.3 percent in 2008. Occupancy rates for three-star hotels also dropped, to 64.6 percent last year from 74.7 percent in 2008.

Looking ahead, Retsos is more upbeat about 2012 and the positive impact from the cruise ship market due to the lifting of the cabotage rule.