The first five months of 2024 closed with an average occupancy of 72.3%, against 68.9% in 2023 for Athens hotels.
This positive variation recorded at the five-month level is of the order of 4.8% compared to 2023, and although May registered better occupancy compared to previous months (86.2%), this occupancy shows a decrease compared to the corresponding occupancy of May. 2023 in – 2.7%.
The 5-month Average Room Rate (ADR) and Revenue per Available Room (RevPar) show slightly better performances compared to the corresponding period of 2023: More specifically, the 5-month Average Room Rate (ADR) of 2024 was 127 .15 euros (an increase of 8.8% compared to the 5th month of 2023) and as an Average Revenue per Available Room (RevPar) 2024 of 91.90 euros – which compares with 80.58 euros in the 1st 5th month of 2023 ( an increase of 14%).
May is considered a peak month for the capital, as is June, which by definition always expects better performance. The Average Room Rate (ADR) for May 2024 was €178.16 (i.e., an increase of 15.6% compared to last May) and the Revenue Per Available Room (RevPar) for May 2024 was €153 €.50 (an increase of 12.4% compared to the corresponding month of May). 2023 Rev Par).
“Once again it is clear that hotel data and results are not consistent with the general “celebrations”: The best average occupancy of all was presented by 3* hotels, both in the 5th month of 2024 (80.5%), and in May 2024 (91.9%) followed by 4* and 5* hotels. Something particularly pleasing for hotels in the lower categories, which at the same time shows the many opportunities that exist to attract customers with greater financial potential, who have greater financial potential. Athens should aim for the future”, highlights the Association of Hoteliers of Athens, Attica and Argosarônica (EXAAA).
As he points out, “attracting tourists who will be willing or able to spend a lot more money on their visit to Athens certainly works in relation to the profile that the city itself “builds” every day as a European capital and international destination – satisfying high-demand guests” .
Athens’ competitors
Athens’ average occupancy in the first 5 months of 2024 fluctuated at good levels compared to other competing cities (average occupancy in European cities varied between 63.4% – Vienna and 75.8% – London).
Furthermore, it is one of the few times that Athens has done better than Istanbul, which in 5 months of 2024 recorded an average occupancy of 63.9%, an average room rate of 125.74 euros and a Rev Par of 80.35 euros. However, better average room rate performances were recorded, e.g. Barcelona (179.32 euros), Madrid (162.54 euros), Rome (218.63 euros), Paris (302.55 euros), London (202.33 euros), Amsterdam (170.46 euros) and so on compared to 127.15 euros in Athens.
Likewise, other competitors’ performances were also superior in terms of revenue per available room, such as available rooms. Barcelona (€135.57), Madrid (€122.07), Rome (€148.67), Paris (€219.95), London (€153.37), Amsterdam (€120.86), against 91 .90 euros from Athens.
EXAAA considers that “we should not remain indifferent to the most recent and ‘shocking’, so to speak, new objective for Barcelona’s tourism – as proposed by its Mayor, Jaume Collboni, and widely presented in publications: “In 2029, no house must have a rental license as tourist accommodation”.
It is worth remembering that over the last decade, hotel agencies (XEE – ITEP, EXAAA) have already repeatedly submitted a series of surveys and studies targeting Athens and especially short-term rentals – to be used by the relevant agencies.
We believe that what was presented should be taken into account in studies, information initiatives and new synergies towards which organizations such as the Attica Region and the Municipality of Athens are advancing.
At the same time, a series of projects and investments that were launched to frame the “core” of Athens (Historical and Commercial Center) in the near future will definitely contribute to the global update of the destination – and to its offer to visitors tomorrow – enriching the existing accommodation options and tourist itineraries (e.g. new and renovated high-end tourist units, Elliniko, Tatoi, etc.).