By the end of 2024 Lampsa Group will operate the fourth hotel in Syntagma, an investment of 3.5 million euros, while in 2026 it is expected to open the doors of another unit in Parnassos, as discussed in the general meeting of the company’s shareholders yesterday.
At the same time, Lampsa expects for 2024 revenues of more than 124 million euros with a 10% increase compared to 2023 despite a slight decrease in occupancy.
Lampsa Group
As mentioned in the context of the general meeting, at the end of 2024 a new boutique hotel with suites will operate at 7 Zalokosta Street, located near the third hotel of the Group in the center of the capital, Athens. Capital Center Hotel – MGallery Collection.
The group’s new hotel, with a capacity of 18 suites and will operate in addition to the Athens Capital Center Hotel – MGallery Collection on Kriezotou Street, located opposite the Group’s flagship Great Britain and King George, filling the impressive presence. in Syntagma Square by Lampsa Group.
It is recalled that the building, on Zalokosta Street, is owned by e-EFKA, classified as a new monument, and leased for 30 + 10 years by the Lampsa group in the context of a related tender.
The plans for Elatos Resort
However, the Lampsa group has also invested outside of Athens, especially in Parnassus, where the complete renovation of the Elatos Resort is planned, with the replacement of the wooden houses that make up the resort with bags technology bungalow in collaboration with the Finnish company Kondio. The Resort will include a total of 63 bungalows and rooms. The goal is to create a high-end luxury winter destination, which is on schedule to open in early 2026.
Increasing turnover
Management executives estimate that 2024 will be an excellent year for tourism in the capital, as a result of which the turnover of the Group will exceed 124 million compared to 112.318 million euros in 2023 and 94.081 million euros in 2022 , which shows an increase of 19.38%. The turnover of the parent company (“Great Britain” and “King George” Hotels) amounted in 2023 to 77.292 million euros from 66.120 million euros in 2022, an increase of 16.90%.
The completeness
The occupancy of the three hotels of the Athens Group is close to 70% this year, at a slightly lower level than in 2023, probably due to new hotels but also the abundance of long-term rental accommodation , with revenues recording an increase due to rising prices. It is estimated that the average price per room in the flagship of the group, “Great Britain”, is 525 euros from 502.5 euros in 2023. It is noted that in 2019 the corresponding average price is around 350 euros. However, as the group’s executives pointed out, the profit did not match the price increase because the cost of food and wages rose disproportionately.
The prices
It is pointed out that in 2023 the occupancy of rooms in the luxury hotel market in Athens increased by 10.3% compared to the corresponding period in 2022 forming the index of 72.7% compared to 65.9% in 2022. The average price of the room in hotels increased by 12 .6% compared to 2022, reaching € 232.25 compared to € 206.17 in 2022.
As a result, the revenue per available room increased in luxury hotels in Athens by 24.3% (€168.92 against €135.91 in 2022) and the total room revenue increased correspondingly.
In 2023, Great Britain will have a Revenue per available room of 353.26 euros, an occupancy rate of 70.30% and an average Room Price of 502.50 euros. Finally, it should be noted that the Lampsa group is also in Belgrade with the hotels Hyatt Regency Belgrade and Mercure Belgrade Excelsior