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Greek hotel industry to grow in 2014-survey.

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RE+D Magazine
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The Greek hotel industry is expected to continue growing this year as the number of foreign visitors in the country is projected to surpass 18.5 million and tourism revenues to reach 13 billion euros, a survey by Infobank Hellastat said on Wednesday.

The survey said that tourist arrivals in the country’s airports grew 23 pct in the first three months of 2014, compared with the corresponding period last year.
Infobank Hellastat said that the hotel industry benefited last year from a wave of cancellations in neighboring rival countries that were hit by political and social turmoil (Egypt and Turkey).

The number of incoming tourism grew 15.5 pct last year to 17.9 million, while tourism revenues rose 14.9 pct to 12 billion euros. Russian tourists almost doubled in 2013 to 1.3 million visitors, raising their market share to 7.5 pct. German tourists accounted for 12.7 pct of arrivals (2.27 million or 7.5 pct up from 2012), followed by UK tourists with a 10.3 pct market share (1.85 million, -3.9 pct).

Most Greek hotels lowered their prices last year ranking the country as second cheaper country in the Mediterranean, behind Egypt.

The survey was based on the financial results of the 600 largest hotel enterprises in 2012. Turnover fell 5.4 pct to 2.22 billion euros, while incoming tourism fell 5.5 pct in that year.