Greek hotel market enters new phase of consolidation as major acquisitions continue

According to GBR Consulting’s quarterly report, the number of Greek hotels affiliated with at least one international hotel brand increased from 352 in October 2025 to 402 in October 2026, representing a 14.2% rise. Similarly, room capacity grew by 12.5%, from 32,733 to 36,834 rooms.

This expansion was concentrated primarily in the five-star segment, which accounted for 28 of the additional 50 hotels and 3,459 of the 4,101 new rooms joining international hotel networks.

Overall, 40 international hotel chains are now operating in the Greek market, with a presence across 439 hotels and other tourism establishments, representing a total capacity of 41,029 rooms.

Marriott, Hyatt and Hilton Maintain Their Leading Positions

Marriott International retains its leading position among international hotel groups operating in Greece, accounting for 16% of the total room capacity represented by international hotel chains, according to GBR Consulting’s ranking.

It is followed by Hyatt, with a 14% share, Hilton with 9%, the Sani/Ikos Group with 8%, and Wyndham Hotels & Resorts with 7%.

The top ten also include Zeus International Hotels & Resorts, Accor, Domes Resorts, IHG Hotels & Resorts and Louis Hotels.

Accor recorded a notable improvement, climbing from ninth to seventh place, while the six largest groups maintained their positions compared with the previous year.

Despite the growing presence of international brands, the Greek hotel market remains highly fragmented, with a substantial number of independently operated businesses. Only 8% of hotels and 23% of available rooms are affiliated with an international, national or local hotel chain.

Within the five-star category, 47% of hotels belong to a hotel chain of some kind, whereas the corresponding figure for four-star establishments stands at just 14%.

Attica accounts for 25% of the rooms operating under international brands, followed by the South Aegean with 22% and Crete with 18%. Together, these three regions represent 65% of the total room capacity affiliated with international brands.

Resorts: Revenue Growth Without a Significant Increase in Occupancy

The operational performance of Greek resorts remains particularly strong, with revenue growth driven primarily by higher spending per guest rather than increased occupancy rates. During the first nine months of 2026, the average occupancy rate of resort hotels remained at 86%, recording a marginal increase of 0.3%.

Nevertheless, total daily revenue per occupied room increased by 10.2%, reaching €371, while total daily revenue per available room rose by 10.5%, to €318. Overall resort revenues increased by 12.9% during the nine-month period, highlighting the ability of operators to boost their revenues without a corresponding increase in occupancy.

This positive performance was sustained throughout the summer season. Total daily revenue per available room increased by 10.3% in June, 9.9% in July, 9.2% in August and 11.5% in September.

This trend further enhances the investment appeal of high-quality resort properties. However, revenue growth does not necessarily translate into an equivalent improvement in profitability, which also depends on developments in operating costs.

Major Hotel Transactions During the Quarter

Activity in the hotel real estate market was reflected in a series of significant transactions during the third quarter.

In September, Chandris Hotels agreed to acquire Milos Cove Inception Resort on the island of Milos for €17 million, through the acquisition of shares in the owning company. The five-star luxury property comprises 42 suites and villas, with an expansion of a further 17 accommodation units having already been approved.

In Athens, US-based Highgate, in partnership with French investment management company Eternam, acquired the Athens Zafolia Hotel, located on Alexandras Avenue. The transaction involved the acquisition of 100% of the company owning the four-star hotel, which has a capacity of 191 rooms.

This marks Highgate’s first hotel investment in Greece. The company will also assume management of the property, with plans for an extensive renovation and repositioning under an international hotel brand.

Although the purchase price was not officially disclosed, reports in the Greek press cited by GBR Consulting indicate that it exceeds €30 million.

In Crete, Marbella S.A., owner of the Mar-Bella Collection, acquired Cayo Creta S.A., the company that owns and operates Cayo Exclusive Resort & Spa in Plaka, Elounda.

The luxury resort comprises 117 rooms, suites and villas, most of which feature private swimming pools. Through this acquisition, Mar-Bella Collection is entering the Cretan market, expanding its portfolio to five luxury resorts. The transaction value was not disclosed.

Banks Increasingly Direct Financing Towards Larger Businesses

The growing concentration of hotel operations is accompanied by a significant shift in the financing of the sector.

According to AnaCredit data from the Bank of Greece, as presented by GBR Consulting, new bank financing to accommodation and food service businesses reached €748 million during the January–August 2026 period, representing an 18% increase compared with the corresponding period in 2025.

However, this growth was driven exclusively by larger businesses, for which new financing increased by 95%, reaching €348 million.

By contrast, financing to small and medium-sized enterprises declined by 13%, to €400 million.

The share of larger businesses in total new financing increased from 28% in 2025 to 47% in 2026, compared with just 17% in 2023.

This shift reflects the growing presence of international hotel chains and major investment groups, which benefit from greater access to financing, stronger brand recognition and the capacity to manage larger portfolios.