Mixed trends are observed in the performance of Greek hotels during the first half of 2025, according to data from GBR Consulting. Specifically:
- Athens shows signs of stabilization after a period of strong post-pandemic growth.
- Thessaloniki continues on a growth path.
- Resort hotels report increased revenue, despite lower occupancy.
Athens: Stabilization After Overgrowth
The hotel market in Athens started 2025 on a positive note, with increases in both occupancy and Average Daily Rate (ADR) during Q1 compared to the same period in 2024. However, from April onward, signs of pressure became evident:
April: Occupancy dropped 5.6%, while ADR rose 4.6%, leading to a slight 1.3% decline in Revenue per Available Room (RevPAR).
May performed moderately well.
June: Both occupancy (-2.0%) and ADR (-3.9%) declined.
This slowdown suggests a phase of stabilization, following years of intense tourist activity. Hotel supply has increased substantially, with many new projects underway. At the same time, short-term rental (STR) offerings in Attica grew by 17% in 2025, intensifying competition—especially in terms of occupancy. Notably, prices in STR continue to rise.
Preliminary July figures show further drops in occupancy and prices, with demand remaining sluggish. The outlook for August is also pessimistic, despite it traditionally being a peak month.
Thessaloniki: Steady Upward Momentum
In contrast, Thessaloniki showed clear improvement in H1 2025:
Occupancy rose by 4.3%
ADR increased by 4.4% compared to H1 2024
The city’s appeal is strengthening for both business and leisure travel. Contributing factors include better air connectivity, growth in cruise tourism, and an extended tourism season.
Resorts: Higher Revenue Despite Fewer Room Nights
The resort segment began the 2025 tourist season with a mixed performance. In April, occupancy dropped 4.1% compared to 2024, but Total Revenue per Occupied Room (POR) rose sharply by 25%, while room availability increased by 27%.
For Q2 2025 overall:
Occupancy remained low, with May being the weakest month.
However, year-to-date (Jan–June) occupancy decreased by only 1.1%, while POR rose 10.3%.
As a result, Total RevPAR increased by 9.1%.
This shift suggests a move toward higher-spending guests and potentially stronger ancillary revenue streams (e.g., dining, spa services, experiences) at resort hotels.
Conclusions and Outlook
H1 2025 confirms that the Greek hotel sector is entering a new phase, where revenue quality matters more than sheer visitor numbers:
Athens is slowing due to increased hotel supply and competition from short-term rentals.
Thessaloniki is steadily rising.
Resorts are focusing more on boosting total turnover than maximizing occupancy.
The performance in August and throughout the summer season will be crucial in determining full-year results.
