ECONOMY

Cretan resort hotels suffer the worst losses

The biggest losses for Greek hotels this year were by those in Cretan resorts, a Panhellenic Hoteliers Federation survey suggested yesterday. The economic crisis forced hotels on the island to watch their net revenues drop by 20.2 percent in the January-September period this year as compared with last, while on the northern peninsula of Halkidiki, the drop reached 16.3 percent year-on-year. As far as the Greek resort total is concerned, the losses to net revenues amounted to 14.7 percent in the same period on a yearly basis, while gross revenues fell by 16.2 percent. This data was presented yesterday as part of the 25th Philoxenia exhibition in Thessaloniki, which continues until tomorrow.