- By Viki Tryfona
2024 was a landmark year for the Hatzilazaros family’s H Hotels Collection Group, which managed to almost double its turnover, marking a spectacular comeback after the devastating fires of 2023 in Rhodes. According to the published consolidated financial statements, the Group’s turnover amounted to 114.2 million euros, recording an increase of 90.8% compared to 59.8 million euros the previous year, while net profits before taxes amounted to 22.86 million euros, from 7.31 million euros in 2023.
This impressive performance is attributed both to the full reopening of the hotels in Rhodes that had been affected, and to the contribution of the new companies that joined the consolidation for the first time, with a top acquisition of the Titania Hotel in the center of Athens.
The day after the fires in Rhodes
The summer of 2023 was perhaps the most difficult in the Group’s thirty-year history. The hotels of the subsidiary I. & E. Hatzilazaros S.A. were forced to suspend their operations on July 22, due to extensive fire damage. However, the restoration work was completed in 2024, allowing the units to reopen in time in accordance with the tourism contracts.
The performance of the main units of the H Hotels Collection in 2024 records the speed of the recovery:
- Lindos Princess: revenue of 24.9 million euros, up from 19.8 million in 2023,
- Boutique 5 Hotel & Spa: revenue of 2.1 million euros, up from 1.57 million,
- Mayia Exclusive Resort & Spa (photo): revenue of 17.4 million euros, up from 13.6 million.
These figures prove that Rhodes has returned dynamically to the tourist map, despite the serious blow of the previous year.
Strategic reinforcement through acquisitions and diversification
During 2024, the Group made significant expansion moves, acquiring the companies LANDA S.A. and TITANIA Hotel Operations Sole Proprietorship S.A., while also acquiring a stake in Christodoulakis IT Development S.A.
The acquisition of Titania Hotel, one of the most emblematic hotels in Athens, was completed at the beginning of the year by London & Regional Group, marking the Group’s first step out of Rhodes. In fiscal year 2024 alone, Titania contributed 14.56 million euros to consolidated revenues.
At the same time, a few months earlier, H Hotels had acquired control of Rhodes Bay Resort (formerly Amathus), a 357-room resort in Ixia, further strengthening its portfolio on the island.
New €60 million investment in Kiotari
On the investment front, the Group is proceeding with a new major development of €60 million in Rhodes, confirming its long-term strategic commitment to the island. This involves the creation of a new 5-star luxury unit, with a capacity of 503 beds, on an area of ??57,273 sq m. in the Kiotari area, next to the Boutique 5 Hotel & Spa.
The Environmental Impact Study has already been approved, while the project will be financed by equity, bank loans and development programs. The new unit will have energy-efficient infrastructure and will create 136 new jobs.
From Rhodes to Congo and back – a 60-year business journey
The history of the Hatzilazaros Group is inextricably linked to the personal journey of its founder, Ioannis Hatzilazaros, who emigrated to Congo at the age of just 17. There he took his first professional steps in industry and trade, having set a goal of one day returning to Rhodes and investing in his homeland.
This dream became a reality in 1993, with the creation of the Rodos Princess Beach Resort & Spa, with a capacity of 450 beds. Since then, the Group has evolved into one of the largest tourism groups in the country, with more than 8,000 beds and 1,700 employees.
The family philosophy, the emphasis on quality service and the dedication to the roots of the place constitute the foundation on which the H Hotels Collection brand was built. In 2018, the Group unveiled its sixth hotel, Mayia Exclusive Resort & Spa, setting new standards of luxury and hospitality experience.
