- 26 leaders of the tourism industry share their insights on the sector’s recovery
- Quantitative research on a sample of top Tour Operators and Travel Agents from Greece and abroad for the new era
DHR services, in the context of its extended activities in the field of hotel investments, has prepared a white paper entitled ‘Hospitality Returns,’ exploring the question of how the investment landscape of the hospitality industry will be shaped in 2021. For the first time, the outlooks, predictions and analyses of 26 leaders of the tourism and business industries from Greece and abroad have been gathered into a single edition. “Hospitality Returns” includes contributions from Yiannis Retsos (SETE), Dr. Andreas Andreadis (Sani/Ikos Group), Grace Peters (JP Morgan International Private Bank), Odisseas Athanasiou (Lamda Development), Phil Andreopoulos (Marriott Hotels International Limited), Alan Mantin (Hilton), Gabriel Escarrer (Meliá Hotels International) and Elie Milky (Radisson Hotel Group).
The unprecedented events of 2020 have been followed by another year marked by challenges, with the nature of its evolution still unclear. However, the current situation does not seem to affect the confidence of industry professionals, who remain optimistic with regard to tourism, future investments, recovery and development. Greece remains to be an attractive investment destination, with its leisure and resort sectors maintaining a steady lead. Additionally, the trend of the integration of hotel units into large international chains for a more secure future is demonstrating great prospects.
In this white paper, DHR Services utilised quantitative data from a Metron Analysis survey of leading Tour Operators and Travel Agents from both Greece and abroad, investigating the impact of the pandemic, the reaction of travelers and their intentions for the future.
Basic research points:
- The overall evaluation of Greece’s handling of the Covid-19 crisis is positive.
- Most predict that a return to 2019 levels of tourism will be seen in 2 to 3 years.
- Almost 3 out of 10 respondents expect other areas, such as corporate travel, long-haul travel and MICE, to take longer to rebound completely.
- Most expect production levels of the summer season of 2021 to be lower than that of 2019, particularly in main urban areas like Athens and Thessaloniki.
- The key factors perceived to contribute most to the recovery process are more flexible cancellation policies, the international implementation of a common framework, the formation of consistent long-term policies, more attractive B2B and B2C payment terms, and the execution of advanced sanitation and hygiene measures by hotel brands.
- Respondents are willing to modify the way they address key audiences, with 8 out of 10 stating they are absolutely likely to do so. Most have already implemented changes in specific areas, with 8 out of 10 respondents having made technological reformations, 7 out of 10 with new payment policies, and 9 out of 10 with new cancellation policies.
Both the research and the opinions of participants conclude that the new era of tourism will have synergies, digital transformations, an improvement of infrastructure, a strengthening of health and safety protocols, and more flexibility within the bureaucratic framework for more investment and sustainability.
Mr Konstantinos Alexopoulos, CEO of DHR Services, made the following statement: ‘At DHR Services, we utilise the experience that we have gained from being present in all the cycles the country’s tourism sector has experienced over the past six decades. Our cooperation with both overseas institutional investors and leaders from the largest hotel franchise brands strengthens our vision with an international outlook, allowing us direct access to the starting point of new developments. However, in the current situation experience, personal dedication and structured research are not enough. Now is the time to open up even more. Now is the time to open up even more. Now is the time to listen very carefully to the community. This white paper serves to address these crucial topics, looking forward to the future while opening up productive dialogues in the present. It is time to evaluate this new era, gathering the views and predictions of leaders in the tourism and investor sector, and exploring how these two sectors will coexist with the shared goal of development. Figures from institutional and business tourism, Greek and international financial institutions, international hotel managers, leaders of travel in Greece and overseas, and ‘technical’ participants within the sector are represented, all sharing their wealth of knowledge and experience. It is clear that the recovery is expected to be V-shaped, and that investments will play a key role in this as they bring about significant changes in the operations of the industry. While there is intense interest from high-end investors, the country must further facilitate the inflow of funds. This can occur through the creation of a functioning legislative framework, a reduction of bureaucracy, the development of targeted infrastructure projects through the strengthening and facilitation of private initiative, aims for sustainability in strategic alignment with the axes of the ESG, the generation of a technologically advanced environment for travelers, and through investment in natural, cultural and social capital.’
The white paper includes research by INSETE and Expedia Group. Participants of the white paper are as follows:
- Yiannis Retsos, President SETE
- Dr. Andreas A. Andreadis, CEO and co-Managing Partner, Sani/Ikos Group, Honorary President SETE
- Grace Peters, Managing Director, EMEA Head of Investment Strategy, J.P. Morgan International Private Bank
- Eleni Vrettou, Executive General Manager, Chief of Corporate & Investment Banking, Piraeus Bank
- George Vilos, Executive Director, Commercial & Business Development, Fraport Greece
- Odisseas Athanasiou, CEO, LAMDA Development
- Yiannis Paraschis, CEO, Athens International Airport SA
- Ioanna Dretta, CEO, Marketing Greece S.A.
- Phil Andreopoulos, COO, Owner and Franchise Services EMEA, and COO Sub-Saharan Africa and Protea, Marriott Hotels International Limited
- Alan Mantin, Managing Director, Development Southern Europe, Hilton
- Elie Milky, Vice President Development, Radisson Hotel Group
- Gabriel Escarrer, Vice President & CEO, Meliá Hotels International
- Constantin Pechlivanidis, Director, Strategy and Transactions, Real Estate and Hospitality Leader, EY in Greece
- Konstantinos Antonakakis, CPA / Partner, Grant Thornton Greece
- George Makripidis, Partner, Corporate Finance, PwC Greece
- Yanos Gramatidis, Partner, Bahas, Gramatidis & Partners Law Firm
- John Charalambakis, Ilias Georgantas, BlackSummit Financial Group
- Vasiliki Mavrokefalou, Director Market Management Lodging Greece, Cyprus, Bulgaria & East Adriatic, Expedia Group
- Kallinikos Kallinikos, Executive Vice President, Goldair Group
- George Polyzos, Senior Purchasing Manager, TUI
- George A. Vernicos, Πρόεδρος, Vernicos Yachts
- Andreas A. Stylianopoulos, CEO, Navigator Travel & Tourist Services
- Konstantinos Oikonomou, CEO, Marine Tours Group of Companies
- Sissi Lignou, CEO, AFEA
- George Kyvernitis, Managing Partner, Kyvernitis Travel Group
- Valentini Amarantidou, Partner & Director of Development, Artion Conferences & Events
More about DHR Services:
With a legacy in hospitality since 1964, DHR Services operates in the tourism sector, specialising in the investment and management of hotels of all kinds. The company provides consulting services to institutional and private investors, implementing and managing the investment of new developments as well as the upgrading of existing ones. DHR Services is the exclusive manager of the acclaimed Greek chain Domotel Hotels & Resorts, as well as a white flag operator of renowned international hotel brands.
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