There are 35 hotels fewer this year than there were in 2015 based on the Hellenic Chamber of Hotels’ official record of registered members, constituting a major blow to investment prospects for Greek tourism.

Alluding to the grim prospects for new investment opportunities in the hotel industry in connection with what he described as a prevailing haven for tourism-related real estate leasing, the president of the Athens Hoteliers Association, Alexandros Vasilikos, asked: “Why struggle to open a hotel when “tax-free” solutions are available? This legislative void should be filled!”

The President of the Panhellenic Federation of Hoteliers, Yiannis Retsos, also believes there is cause to be concerned with respect to the new business landscape emerging in the tourism industry in ‘red’ or non-performing loans (NPLs), and does not rule out the possibility of the de-hellenization of Greek hotels.

Concern about divestiture has also been voiced by Andreas Andreadis, president of Greek Tourism Enterprises.  But with an economy still reeling from an economic crisis, austerity measures caused by three international bailouts, and a refugee crisis as well, there are neither the funds to address the woes of the flagging tourism industry nor the ability to implement change — at least not in the foreseeable future.

Source: Tornos News