Astir Palace, which manages the iconic Asteras Vouliagmenis complex, achieved a new record financial performance in 2023.
In particular, the company, led by the experienced manager Penny Zaglaridou, recorded the highest turnover in its history, with 295.37 million euros, compared to 218.33 million euros in 2022, achieving an increase of 35.29%.
For another year, one of the main revenue “pillars” was the ” gold” plots intended to accommodate the villas on the site of the former Aphrodite unit and the second was the improved performance of the hotel complex managed by Four Seasons, as well as the renowned Asteras restaurants.
Thus, the increase in turnover was mainly driven by the sales of the remaining vertical properties (land for sale) by 29.08% as well as the excellent performance of the hotel and the company’s F&B unit by 5.34%.
It is noted that in 2023 Astir Palace proceeded to sell the remaining vertical properties (land plots) for a total consideration of EUR 177.5 million.
It is recalled that of the 13 plots in total, 11 have been acquired by shipowner Diamantis Diamantidis and 2 by members of the Latsis family.
The operating results for the financial year 2023 amounted to a profit of EUR 177.106 million (coming from the sale of the remaining vertical properties), compared to a profit of EUR 253.438 million in 2022, of which an amount of EUR 136.551 million relates to the sale of the subsidiary “Astir Marina Vouliagmeni S.A.”.
In terms of profit before tax, the company reported a profit of EUR 159.872 million, compared to a profit of EUR 254.829 million in 2022, while net (after tax) profit amounted to EUR 123.802 million compared to a profit of EUR 229.335 million in the previous financial year.
It should of course be borne in mind that in 2022 the profits from the sale of most of the plots of land were included.
Residential income in 2023 increased to EUR 76,635 million, compared with EUR 65,411 million in 2022. Correspondingly, food service revenues increased to EUR 33.929 million, compared to EUR 29.371 million in 2022.
As noted in this regard, “accommodation and food service department revenues are up year-on-year due to the high tourist flow, resulting in a notable 9.1% increase in occupancy rates compared to 2022.”
Furthermore, as of December 31, 2023, the company’s equity was EUR 413.328 million compared to EUR 322.567 million as of December 31, 2022.
“”Milestone” the 2023 season
According to the estimates of Astir Palace’s management, last season the tourism sector recorded a significant increase in key measurement indicators, characterizing the 2023 financial year as a “milestone year for Greek tourism”.
As stated in the report, “the continuous recognition of Greece as a leading global tourist destination, the significant investments in the tourism sector and the enhanced international image of the country in the tourism sector, contributed to the achievement of remarkable results for the Greek economy this year, thus making 2023 the peak year for Greek tourism”.
However, it stressed that “the performance in 2023 would have been even greater if Greece had not been affected by unprecedented adverse conditions, both at the national level (mainly due to natural disasters) and in the international environment (especially due to the restrictive impact of inflationary pressures and the energy crisis).”
It further notes the notable contribution from direct airline flights from the US to Athens, leading to a significant increase in the flow of American travelers to our country.
“Athens ranks 13th on the global list of fastest growing airports for the fourth quarter of 2023, offering 20% more seats than the same period in 2022. Due to the rapid growth in passenger numbers on flights between Athens and Boston, the frequency of direct flights will increase from four times a week in 2023 to daily flights in the summer of 2024.
In addition, due to high demand, flights between Athens and New York will be extended until 28 November 2024. Furthermore, China’s Juneyao Air will launch the new Shanghai-Athens route from April 2024, with scheduled flights three times a week,” it said.
Management moves and the new “high” of the Four Seasons
In order to counter the temporary negative effects of inflation, Astir Palace management has negotiated with its main suppliers to make fair but not extensive price adjustments.
In addition, in order to mitigate the negative impact of interest rate increases, it used proactive hedging instruments that had been put in place.
Meanwhile, Four Seasons Astir Palace Athens (as a hotel business) continued to grow further in 2023 and under Four Seasons’ management and its outstanding performance and service quality, it managed to win significant accolades during FY2023.
In fact, it should be noted that by achieving another record-breaking year of sales, Four Seasons has established itself as one of the five new Four Seasons hotels to receive the “Forbes Five Star” designation in early 2023. It is the first hotel in Athens to receive this award, which is only given to select hotels that lead the industry by offering high quality service and first class facilities.
After a year of record sales, Four Seasons was ranked among the 50 “Best Hotels in the World”, as well as the first place in Greece in the CN Traveller 2023 Reader’s Choice Awards and Spa of 2023.
As for Matsuhisa and Beefbar, it is highlighted that, continuing their successful track record, they achieved record sales and profits in FY 2023.
Astir Marina
On May 29th will see the much-anticipated Grand Opening of Astir Marina, which has been acquired by a company owned by the interests of Astir Palace’s sole shareholder, Apollo Investment Holdco.
Astir Marina, operated in partnership with Ports de Monaco, is a €53 million investment, built to the highest standards and is one of the leading home-port marinas in the South East Mediterranean region.
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With 59 berths for yachts up to 60 meters and 1 berth for yachts up to 130 meters, as well as shopping and dining options from iconic international brands and stores, Astir Marina places Greece at the forefront of the world’s elite yachting. All the necessary services are already available on the premises, including a touch-and-go helipad, 24/7 security services, water and electricity supply and parking spaces.
In addition to these, however, famous brands have already “set sail”, such as the “Cova 1817” patisserie-restaurant (one of the oldest in Milan) as well as shops of Dior, Gucci, Louis Vuitton, Zegna, Loro Piana, Bottega Veneta, Yves Saint Laurent, Rolex, etc. that will start operating at the beginning of June.
Shortly afterwards, in July, the launch of Bagatelle, the renowned luxury chain of French restaurants and beach clubs, is also set to begin.
