Hospitality leaders discuss investment opportunities and challenges in Greek tourism sector
Hospitality leaders discussed the opportunities and challenges of investing in Greece’s tourism sector during the second day of the “Reimagine Tourism in Greece” conference on Tuesday.
Adrian Messerli, EMEA president of Four Seasons Hotels, remarked that his company has identified valuable partners and attributes that make Greece an attractive investment destination, including its environment, climate, culture and cuisine. However, he noted that challenges primarily related to infrastructure and staffing still exist.
“When developing luxury tourism, one issue is the lack of parking spots for private jets. These are the challenges we are working around,” he said during a discussion moderated by Financial Times journalist Eleni Varvitsioti. He also expressed optimism regarding the government’s collaboration with the private sector to tackle these issues.
“Staffing in a seasonal location like Greece is a challenge [too], but it is also an opportunity,” Messerli said, noting their strategy to relocate the workforce to different areas during the off-season. He emphasized that the quality of the staff in Greece is exceptionally high. “One element we’ve found overwhelmingly positive is the people; they have a genuine approach towards service,” he said. “The heartbeat of a hotel will always be the people that work in it,” he added.
Messerli also announced that Four Seasons plans to launch a hotel on the Aegean island of Mykonos in 2025.
Four Seasons plans to launch a hotel on Mykonos in 2025
Andreas Andreadis, CEO of Sani/Ikos Group, highlighted that Greece offers numerous opportunities for tourism investment compared to other Mediterranean countries.
According to Andreadis, Greece’s comparative advantages include its natural beauty and the availability of space for development, “which is not the case for Spain, Italy, or Portugal.” He further emphasized the importance of hospitality, stating that Greeks often underestimate how vital this attribute is for foreign guests.
Addressing the challenges, Andreadis pointed out that high taxes, particularly payroll taxes and VAT, pose significant obstacles.
“In Greece, a typical salary ranges from €1,000 to €1,100 net per month. In Spain, it’s about double, at €2,000 to €2,200. While it might seem that costs in Spain are double, that’s not the case. Payroll taxes in Spain are much lower, so the overall cost to companies is about 30% higher,” he explained, noting that when considering the higher VAT in Greece, the costs become comparable.
“We face a serious competitiveness issue,” he said.
Organized by Kathimerini and its partners, the “Reimagine Tourism in Greece” conference is an annual event aimed at promoting sustainable tourism by bringing together leading thinkers, political and business leaders, and key figures in the hospitality industry.
