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The recently opened Hilton Garden Inn Athens Syggrou Avenue – Image Credit Hilton
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Greece’s hotel market has emerged as a leading destination for international and domestic investment, with significant capital directed toward new developments, acquisitions and management ventures, according to industry experts at the Atlantic Ocean Hotel Investors’ Summit in Madrid.
Once affected by the 2008 economic crisis, Greece now stands out as a prominent market for hotel development and acquisitions in Europe. The country’s availability of coastal development sites and relatively low hotel supply have contributed to increased investor interest.
Key Transactions and Market Activity
Recent transactions underscore Greece’s appeal. In March 2025, shipping executive George Prokopiou acquired full ownership of the Astir Palace Resort in Vouliagmeni, which includes the 303-room Four Seasons Hotel Astir Palace Athens. Prokopiou first acquired a 33.75% stake in the resort in October 2024 from Turkish firm Dogus Group and completed the acquisition from Dubai-based AGC Equity Partners, which had purchased the property in 2016.
Spanish investment firm Azora has also entered the Greek market, completing its first acquisition in 18 months and its second in 3.5 years. In August, Azora acquired a 50.1% stake in Donkey Hotels from family-run investment firm Ioannou, which retained a minority share. Donkey Hotels’ portfolio includes five properties in Greece—four in Athens and one in Santorini—with a total of 834 rooms. The joint venture plans to expand nationwide.
Trends Shaping the Market
Several trends are influencing the Greek hotel sector. Co-investment opportunities are increasing, and domestic white-label management firms are emerging to serve new investors. Dimitris Manikis, president and managing director for Europe, Middle East and Africa at Wyndham Hotels & Resorts, said the creation of Greek white-label hotel management companies is expected to continue as legacy models decline.
Industry participants noted that Greek investors are active and competitive, often possess significant capital, and have a distinct approach to negotiations compared with institutional investors. The market is also seeing the entry of new feeder markets, with rising numbers of guests from Russia, the Gulf Cooperation Council countries, and India.
Growth and Expansion Plans
Hotel groups such as Sani/Ikos Group are expanding their presence in Greece and abroad. Sani/Ikos operates 12 resorts with about 3,450 rooms across Greece and Spain, and has a pipeline of approximately 2,250 additional rooms under the Ikos flag in Greece, Spain, and Portugal. The company sees growth potential in destinations including Athens, Corfu, Crete and Kos.
The Greek government reports that more than 35 million tourists visited the country between January and October 2025, despite a population of only 10 million. This strong tourism demand is supporting the expansion of the hotel sector and encouraging further investment.
Challenges and Future Outlook
While the Greek hotel market is experiencing growth, challenges remain. Climate change is affecting the tourism season, with hotter summers and an extended season of up to 11 months. Planned infrastructure improvements, such as the expansion of Kalamata airport, are expected to support future growth, particularly in regions like the Mani Peninsula and the Peloponnese.
Industry leaders suggest that Greece’s fundamentals are similar to those seen in Spain 15 years ago, with opportunities for continued growth. The market’s transformation from economic crisis to investment hotspot reflects broader trends in European hospitality and tourism.
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