ECONOMY

More and more Athens hotels face closure

Athens hotels are continuing to suffer the effects of the economic crisis of the last four years, with the local hoteliers? association warning that more units are set to shut down this winter due to reduced demand and high operating costs.

In August the average occupancy rate at 3-, 4- and 5-star hotels posted a drop of 16.9 percent compared to the same month last year, while the average price per room fell 6.5 percent and revenues per available room contracted by 22.3 percent.

In the first eight months of 2012, the average occupancy rate was down 30.1 percent from the same period in 2008.

Among the hoteliers? problems cited by the association is an unpaid bill of 16 million euros run up when they were hosting injured Libyans earlier this year.