Up to 65 percent of Greek hotels face bankruptcy, new report warns

·

A recent report by the influential Hellenic Chamber of Hotels has found that up to 65 percent of Greek hotels face bankruptcy due to the coronavirus lockdown.

To be specific, 65 percent of hoteliers say that the bankruptcy of their business is either “likely” or “most likely” – at 46.6 and 18.3 percent respectively.

In response to these statistics, the President of the Chamber, Alexandros Vasilikos, said “it will take a long time for the Greek tourist industry to return to the levels of 2019,” a year in which record numbers of tourists visited Greece.

“It’s very difficult to have a prediction for this year, but we all need to realise that every industry will change after this pandemic. Whether this change will last forever, or 10 years, or three years, nobody can know,” Mr Vasilikos told Business Insider Australia.

President of the Hellenic Chamber of Hotels, Alexandros Vasilikos, said the Greek tourist industry will take time to recover. Source: Fortune Greece.

“I’m not trying to brush anything under the carpet but for me, the important thing is that yes, we’re facing a very big drop in Greece, but it’s not different from other countries. No-one is travelling, so there is a big worry all across the touristic chain.”

According to a group of UBS analysts, Mr Vasilikos is not wrong as tourist spending across Europe fell 68 percent year-on-year in March 2020.

In Greece, the tourist industry has likely not been helped by Greece’s early decision to shut down all hotels which operate on a 12-month basis until April 30, 2020.

READ MORE: Hotels in Greece ordered shut as all passenger flights expected to be grounded.

Cretan Convention - Web Banner

Advertisement

Share:

KEEP UP TO DATE WITH TGH

By subscribing you accept our Terms of Service and Privacy Policy.

Advertisement

Latest News

Mark Coure MP extends Oxi Day message to Greek and Cypriot communities

NSW Shadow Minister Mark Coure MP honours Oxi Day, praising the Greek and Cypriot communities for their courage and contribution to NSW.

Oakleigh Grammar farewells the Class of 2025 with Graduation Dinner

Oakleigh Grammar’s Class of 2025 gathered for a night of celebration, reflection, and recognition at their Year 12 Graduation Dinner.

Saint Dimitrios Parish in Moonee Ponds marks 50 years with joyful festival

The annual Saint Demetrios Parish Festival in Moonee Ponds brought together parishioners, dignitaries, and performers on Sunday, October 26.

Burwood RSL donates $14,000 to support St Nectarios’ Cottage Kitchen

St Nectarios Greek Orthodox Church in Burwood has received a $14,000 ClubGrant from Burwood RSL to continue vital community work.

Greek Australian nurse Helen Zahos recognised for 25 years of humanitarian work

The NT’s Greek community is celebrating humanitarian nurse and paramedic Helen Zahos, recognised for her service to global health.

You May Also Like

Kostas Moutsoulas on his upcoming role in a modern Greek Australian play

Kostas Moutsoulas speaks with the Greek Herald on his role in the contemporary Greek Australian play A House on an Island in the Aegean.

Greek Community of Melbourne prepare ‘Theatre from the Microphone’ performances amid pandemic

Through the project, a number of amateur theatre groups have the opportunity through the radio to chat, explore new forms of expression

Greece’s Ambassador to Australia George Papacostas sends message for OXI Day

Αγαπητοί συμπατριώτες,          H 28η Οκτωβρίου 1940 αποτελεί μία ημερομηνία σταθμό στη διαχρονική πορεία του έθνους μας, καθότι συμπυκνώνει σε μία ιστορική στιγμή τα συλλογική...