Athens Hotel Occupancy Rises in Early 2024, But Still Falls Short of Expectations

According to data provided by the Athens-Attica & Argosaronic Hotel Association, the first quarter of 2024 concluded with hotels in Athens boasting an average occupancy rate of approximately 68.7%, a noticeable improvement from the 63.9% recorded in 2023.

However, despite Athens being a top destination with thriving visitor numbers, the average hotel occupancy rate in the capital doesn’t quite match expectations. Despite notable “records” and increased arrivals at the airport, this doesn’t translate into equivalent figures for hotels.

The recorded positive change of around 7.6% compared to 2023 falls short of hoteliers’ expectations for 2024. Nevertheless, given that the first quarter typically includes slower winter months, there’s anticipation for more positive developments leading into the summer season.

Similarly, there was a 7% increase in the Average Room Rate (ADR) for the four-month period compared to 2023, with rates rising from 103.52 euros to 110.77 euros. Revenue per Available Room (RevPar) also showed improved performance, reaching 76.12 euros in the same period of 2024 compared to 66.13 euros in 2023, marking a 15.1% increase.

In contrast, other cities like Barcelona, Madrid, and Rome exhibited much stronger performance in terms of average room rates during the first four months of 2024. Furthermore, their average occupancy rates for the four-month period were notably higher, reaching up to 75%.

However, April emerged as a notably positive month for Athens, significantly impacting the overall results for the four-month period. The average occupancy rate for April 2024 surged to 84.7%, accompanied by an ADR of 138.81 euros, up from 124.35 euros in April of the previous year.

Despite inherent weaknesses, conclusion drawn from the assessment of Athens’ overall situation is that it’s on the ascent in 2024. This reaffirms its dynamism, timelessness, and uniqueness as a destination.