Greece's hotel industry posted average annual revenue growth of 21% between 2021 and 2025, driven by record-breaking tourist arrivals, according to a new sector study by ICAP CRIF.
Greek tourism contributed 13% of GDP directly in 2025, equivalent to €32.4 billion, rising to roughly 30% when accounting for indirect economic effects, according to estimates from the Greek Tourism Confederation (SETE).
Foreign arrivals reached a record 38 million in 2025, up 5.6% from the previous year, while tourism revenue climbed to €23.6 billion, an increase of 9.4%.
Stamatina Pantelaiou, director of economic and sector studies at ICAP CRIF, attributed the sustained growth to Greece's reputation as a safe destination, upgraded hotel infrastructure and sustained international marketing.
She noted that in the first four months of 2026, inbound travel rose 27% year-on-year, with travel receipts up 37%, partly driven by an 8.1% increase in average spending per trip.
Total overnight stays reached nearly 117 million in 2024, up 3.9%, with foreign tourists accounting for roughly 85% of the total. Average hotel occupancy fell slightly to 51% in 2024, down from 55% in 2023. Greece counted 10,118 operating hotels in 2025, up from 9,732 in 2010, with two-star properties comprising the largest share.
Konstantinos Paleologos, senior manager at ICAP CRIF and the study's lead author, said the three-, four- and five-star hotel segment has shown particularly strong momentum since 2021, having exceeded pre-pandemic revenue levels as early as 2022.
Four-star hotels captured the largest share of total market value in 2025, at approximately 45%, followed by five-star properties at 38%.
Greece's largest domestic hotel groups control 175 properties and more than 60,000 beds, led by Grecotel, the Sani/Ikos group and the Mitsis Hotels group, which together hold roughly 13% of the market.
Foreign hotel brands now manage or own more than 230 properties nationwide, with continued investment activity concentrated in Attica, including hotel renovations and conversions of underused buildings.