The H1 2026/25 results of GBR’s hotel benchmark survey show that performance continues to improve, but that growth is increasingly driven by pricing and customer mix rather than volume. The participating hotels collectively represent an annual sample of approximately 8 million room nights. During the first six months of 2026, room nights sold increased by only 0.6%, while revenue rose by 10.1%. Volume growth is therefore providing little cushion against geopolitical uncertainty and rising operating costs.
On the positive side, hotels have retained pricing power despite continued economic and geopolitical uncertainty. Stable occupancy indicates that the market has so far absorbed higher room rates without a material reduction in demand. However, with occupancy broadly stabilising, further revenue growth will increasingly depend on:
- guests’ willingness and ability to pay;
- a shift towards higher-spending customers;
- constrained growth in competing accommodation supply;
- continued airline capacity;
- and the perceived value of the destination relative to other Mediterranean markets.
Stable occupancy may indicate either a healthy, mature market or the early stages of a pricing ceiling. There is not yet sufficient evidence to distinguish conclusively between these two interpretations.
In Athens, occupancy remained stable at 74.3% during H1 2026, while ADR increased by 6.9%. May was particularly strong in terms of room rates, supported by several large-scale events in the city.
In Thessaloniki, occupancy declined by 2.6% during the first six months of 2026 compared with the same period of 2025. ADR increased by 3.3%, resulting in a marginal improvement in RevPAR.
Relatively few resort hotels operate during the first quarter. During the second quarter, performance was mixed, with cumulative occupancy through June increasing by only 0.5% compared with the same period of 2025. Nevertheless, Total Daily Revenue per Available Room rose by 11.2%, again indicating that revenue growth was primarily price- rather than volume-led.
Inbound tourism growth is not translating proportionately into hotel demand
The stabilisation in hotel demand is also evident in data published by the Hellenic Statistical Authority for the first five months of 2026. Total arrivals at hotels and camping establishments increased by 0.7%, while overnight stays rose by 1.1%. Foreign demand performed somewhat better, with both arrivals and overnight stays increasing by approximately 1.4%. Domestic arrivals declined by 0.5%, while domestic overnight stays remained broadly unchanged. The monthly pattern was uneven, with weaker results in March and April followed by renewed growth in May.
The Bank of Greece presents a considerably stronger picture for inbound tourism overall. During January – May 2026, inbound traveller flows increased by 20.9%, while travel receipts rose by 25.8%. The increase in receipts reflected both a higher number of trips and a 4.5% rise in average expenditure per trip.
A significant part of the divergence appears to relate to the composition of inbound travel. According to the Bank of Greece, traveller flows through road border-crossing points increased by 64.5%. Such growth may include a comparatively high proportion of short visits, stays with friends or relatives, use of privately owned residences and accommodation outside the hotel and camping sector. Growth in short-term rentals may also have absorbed part of the additional demand. These factors could increase the number of inbound trips without producing a corresponding rise in arrivals and overnight stays at hotels and camping establishments.
The strong increase in travel receipts should not be interpreted as an equivalent increase in accommodation revenue. Bank of Greece receipts cover total visitor expenditure, including accommodation, food and beverage, transport, shopping and leisure activities. Inbound travel and overall visitor spending therefore expanded strongly, while growth recorded by hotels and camping establishments remained considerably more limited.
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