Greek Market Report
Hotel Investments 2024 – 2027
Marriott International | Nikos Hadjos, Consultant, International Hotel Development – Greece & Cyprus
Nikos Hadjos
Consultant, International Hotel Development – Greece & Cyprus
Marriott International
Marriott has been the leader in establishing and growing the largest hotel portfolio in Greece with local development presence since 2016, ahead of any other international hotel company, and continues to lead the way with 33 operational hotels and four hotels in the pipeline. Marriott had a very productive year in 2023, signing four new deals, including bringing the first Tribute Portfolio beach resort in Greece and Southeastern Europe (Stalida Beach, Crete).
For 2024, the company’s focus remains growing its already successful presence in the luxury and lifestyle segment, both in Athens – which as a hotel market has been recording significant operating results during the last 24 months – as well as in the Greek islands, where 2023 was perhaps the best season for the majority of the Greek leisure destinations, which recorded very high ADRs and very healthy occupancies. The company will also be opening this year three new beach resorts, including the Patmos Aktis, a Luxury Collection Resort in Patmos and the Alai Beach Resort, a Tribute Portfolio Resort in Crete.
Furthermore, following the global re-emergence of all-inclusive market trend, Marriott’s efforts have also targeted establishing its presence in the Greek all-inclusive segment, with a brand offering of eight brands, both in the premium (Autograph Collection – Marriott) as well as in the luxury and lifestyle segment (Ritz Carlton – W). Currently we are in discussions with certain local all-inclusive resort owners who plan to renovate/ upgrade their properties and consider the potential of joining one of Marriott’s all-inclusive brands.
With two very successful MOXY hotels – our flagship MOXY Omonia Square in Athens and the MOXY in Patra, Marriott is one of the leading international hotel companies also in the Select market segment. The company’s vision includes growing its urban as well as its leisure Select brand portfolio with the MOXY brand, but also with its other Select brands such as Courtyard, Four Points by Sheraton and AC Marriott.
As we continuously examine the Greek market trends, we have identified a growth opportunity in conversions of existing midscale/ limited-service hotels, in Athens as well as in other urban and leisure destinations around Greece.
We feel confident that with the recent introduction of our latest midscale conversion brand, Four Points Express by Sheraton, which features very flexible design standards, we will be able to cater to this underserved market segment. With the emergence and steady growth of the serviced apartment / extended stay segment during the last 3-4 years globally, Marriott has enhanced its existing brand offering in this segment which includes the Marriott Executive Apartments and the global segment leader Residence Inn by Marriott, with a new soft serviced-apartment brand.
Apartments by Marriott Bonvoy is a soft brand approach to serviced apartments that allows owners the flexibility to build, convert and design independent premium branded residential units and take advantage of Marriott’s distribution and loyalty program at the same time.
We are currently discussing in Athens with existing luxury apartment-building owners who are keen to brand their properties, as well as with some developers who are interested in developing branded serviced-apartments for sale to foreign investors.
Marriott’s commitment in Greece continues to be strong and the company envisages to continue expanding its portfolio in all the market segments in which we operate, bringing high quality of service to our guests, healthy investment returns to our owners and a growth platform for dedicated, passionate hospitality professionals who want to follow a career in the Greek hospitality industry.
Patmos Aktis, a Luxury Collection Resort in Patmos will open in 2024.
