Heavy Losses for Athens Hotels

Inquiring minds are wondering about a hotelier’s report hoping Greek hotels make a comeback in 2011. It seems to be more of a push poll:

2011 could be a year of recovery for hotels in Athens, according to Giannis Retsos, the chair of the Association of Hoteliers of Athens and Attica. During the two-year 2009-2010 period, Retsos said, hotels in the capital recorded losses of more than 200 million euros, despite the lowering of prices.

The crisis has been particularly damaging for the capital’s best hotels, where the drop in income has exceeded 26%. In the centre of Athens, 782 rooms were “lost” because of the closure of many hotels, which in turn was down to high rent and the degradation of some parts of the centre of the city.

With the Middle East and North Africa ablaze from Islamic revolution, what are the chances that tourists will really return to Greece? Or will the Greek riots subside? For that matter, will the financial crisis in Greece be fixed by then? It just seems this report is just a touch overly optomistic.


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