With a positive outlook, but also clear signs of adaptation to a more demanding environment, the Lampsa Group is moving in 2025, according to the findings from the traditional Christmas meeting of management with journalists. At the Group level, the year is expected to close slightly better than 2024, both in terms of turnover and occupancy rates, with revenue approaching or even exceeding 100 million.
Athens continues to be the main pillar of performance. The Groups hotels show resilience, despite a slight decline in the average room rate compared to last year and initial forecasts. Particularly positive is the performance of Athens Capital MGallery, which generally operates at lower pricing levels and achieved its targets both in occupancy and average room rate. Similarly, the performance of the new MGallery Suites on Zalokosta Street is considered satisfactory.
In contrast, Belgrade proved to be the weak variable of the year. Political unrest, frequent demonstrations, and the closure of the city center negatively affected the operation of the Groups hotels in the Serbian capital, resulting in the performance of Hyatt Regency Belgrade and Mercure Belgrade Excelsior falling below initial targets. For 2026, however, management appears optimistic, estimating that the market will return to normal pace.
At the profitability level, EBITDA for 2024 was 2829 million, with management estimating that 2025 will perform at similar levels.
Strategy in Athens and the risk of groups
For 2026, the Groups strategy focuses on increasing the average room rate, even if this entails greater exposure to individual travelers. Specifically, for Grande Bretagne and King George, group bookings for the first quarter are lower compared to last year, which calls for cautious attention. On the other hand, the absence of large groups provides greater pricing flexibility, although organized travel continues to act as a safety cushion. Indicative of the cyclical nature of the market is the fact that for 2027, group bookings are already significantly higher.
Elatos Resort: The major investment outside urban centers
Within this framework of stabilization and selective growth, the Elatos Resort investment stands out, totaling 30 million. The project envisions a complete modernization and upgrade of the mountain resort into a luxury wellness mountain resort operating year-round, with 38 chalets and 15 rooms in the central hotel. Elatos has been included in Accors Emblems collection, placing it in the upper luxury hospitality category.
Lampsa executives describe the investment as a deliberate, long-term bet on Greek winter tourism, noting that management approaches the project as a qualitative legacy rather than a short-term performance exercise. The project is expected to be completed before the end of 2026, aiming to open in 2027.
Marousi, Kriezotou, and selective expansion
At the same time, works are progressing at VORIA in Marousi, where preliminary construction has begun. Discussions regarding the selection of an international hotel operator are at an advanced stage, with the aim of opening the hotel in 2028, alongside the casino, but with a clear emphasis on the hotel component.
For the Kriezotou Street property, the Group has exercised the right of first refusal to create a state-of-the-art parking facility, an investment expected to exceed 4 million.
Regarding new moves in Athens, Lampsa declares it is open only to strategically significant cases, without actively seeking opportunities. With primary markets in the USA and the UK, and with a focus on expanding its customer base, the Group chooses to invest cautiously, prioritizing quality, differentiation, and long-term value.
