Hotel investments seen hitting 6.2 bln euros over next five years

Hotel investments in Greece seen hitting 6.2 bln euros over next five years

Greece's tourism industry will need investments in hotels over the next five years worth 6.2 billion euros on continued strength in the sector, according to a report from PwC.

Of this total amount, 4.8 billion euros are seen going to upgrading the existing network, while one billion euros will be used to build new hotels, said the report PwC prepared along with INSETE. An additional 300 million euros is estimated to go to maintain current facilities, bringing the total investment to 6.2 billion euros.

During Greece's crisis years, some investment activity did take place in the hospitality industry as the tourism sector drew a growing number of visitors to the country. In 2017, the total number of beds on offer in Greece hit 414,127, up from 397,660 beds in 2010 with a clear shift to five star facilities, the report added.