Four in 10 hotels are in the red
More than four in 10 Greek hotels were in the red in 2007 but profitability in the sector has improved in recent years, according survey results made public yesterday. The report, put together by research group StatBank, found that 334 hotels, out of a total of 795 surveyed, showed a loss in 2007. The country’s largest 795 hotels jointly reported profits of 82 million euros in 2007, up from profits of 1 million euros in 2006 and losses of 23.2 million in 2005. «This data is a clear indication that the majority of Greek hotels have taken advantage of the environment that exists in tourism and have improved their financial performance,» StatBank said in a statement. The hotel business is among the most loss-making fields, in comparison with other sectors, such as commercial trade, the report added. The sector remains highly concentrated with 52 percent of the industry’s 2.6-billion-euro annual turnover handled by the largest 100 firms.
