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Athens serves as Greece's commercial and financial heart, located in Attica at the southernmost point of the mainland. The city is widely recognised for its rich historical and cultural heritage, sustaining its appeal as a leading leisure tourism destination. In parallel, its role as a governmental and institutional centre underpins solid corporate demand for hotel accommodation. In 2024, Athens ranked seventh amongst Europe's foremost congress tourism destinations, rising four spots from the 2023 edition, according to International Congress and Convention Association (ICCA) data.

Demand follows a seasonal pattern, with peaks in spring and autumn driven by business and conference activity. The summer months typically see softer city visitation as tourists favour Greece's islands, while winter remains the quietest period of the year. That said, the tourism season has gradually lengthened in recent years, with the city drawing visitors well beyond its traditional peak months.

Athens International Airport marked, yet again, a record-breaking year in 2025, handling nearly 34 million passengers, a 7% increase on 2024 numbers.

Between 2014 and 2019, Athens recorded compound annual RevPAR growth of 5.8%, primarily fuelled by strong average rate gains. Following the disruption of the pandemic, the market experienced a robust recovery. By 2023, hotel occupancy had nearly returned to pre-pandemic levels, with momentum carrying into 2024 and stabilising in 2025. Average rates responded swiftly to the recovery in demand, rising sharply as the market regained its footing. After RevPAR growth of close to 20% year-on-year in 2024, highlighting one of the strongest recoveries recorded across Europe compared to pre-pandemic times, it seems to have stabilised in 2025, growing in line with inflation.

Athens’ hotel pipeline includes 23 projects, expected to add some 1,800 rooms to the market, increasing total supply by around 6%. Notable upcoming openings include the 129-room Bob W Stadiou and the 109-room Autograph Collection Athens, both announced to open in 2026, and the 123-room Mandarin Oriental Athens (late 2029). 15 of these developments are currently under construction, with 11 expected to be delivered in 2026.

Athens has witnessed a notable uptick in hotel investment activity in recent years. Notable hotel deals in 2025 included the sale of the remaining shares of the Four Seasons Astir Palace (303 rooms), acquired by George Prokopiou in February 2025, with the property valued at approximately €450 million, and acquisition of a 50.1% stake in Greek owner-operator Donkey Hotels by Spanish REIT Azora. The Donkey Hotels portfolio includes five hotels across Greece (834 rooms), with four located in Athens and one in Santorini. The JV partners have agreed to commit further capital to support Donkey Hotels through the renovation of the Athenaeum InterContinental, improvements to the existing portfolio, and the acquisition of additional properties across Greece.

Athens continues to remain one of the leading cities in our HVI analysis in terms of annual hotel value growth. In 2025, values per key rose by 5.5% year-on-year – the second highest among the cities in our index – and now stand 26% above 2019 levels in nominal terms. The market remains highly attractive to institutional investors, which further reinforces the city’s positive trajectory in the medium term.

ADR, Demand, Occupancy, RevPAR, and Supply Projections:

ADR Change
Market Demand Change
Hotel Occupancy Increase/Decrease
RevPAR Change
Market Supply Growth

Change In Value For Market: (€Euro)

Athens RevPAR Change (€Euro)

Athens RevPAR (€Euro)

For more information, please contact:

	Sophie Perret, MRICS, MBA Managing Director [email protected] +44 0 7725781037 (m)
	Maxime Gauthier Senior Associate [email protected] +44 0 7593572865 (m)