Gradually, in recent years, Athens has become a destination for international luxury chains, resulting in hotel in the market to change the track, by attracting a higher level of tourism.
The beginning of the modern tourist era in the capital was made with Four Seasons who took over the management of Asteras Vouliagmenis in 2019.
Recently, the Group’s One&Only has been added to the luxury chain Kerzner International who took over the management of the One&Only Aesthesis on the Athenian Riviera, changing the realities of the region further highlighting the international advantage of the capital, its sea.
The tourist season
Now it is the turn of the Hilton Group with the two international luxury chains Conrad and Waldorf Astoria to give new energy to the tourism market of Athens and not only with the cooperation of the Group. SUBJECTS of the new tourist product that, since Thursday, began to be known worldwide as “The Ilisian”.
Another luxury chain, Mandarin Oriental, follows the under-construction hotel in “Elliniko”, while others are expected to arrive.
The concentration of so much firepower in the tourism sector, whether it is the coastal zone or the center of Athens where “The Ilisian” is located, has a positive multiplier effect on the tourism market in Greece and especially in the capital.
The first positive effect is the extension of the tourist season, this is the decisive contribution to achieving the goal of an Athens with tourism twelve months a year, as Prime Minister Kyriakos Mitsotakis said in presentation event of “The Ilisian”.
As the President of TEMES SA said on his part. Achilleas V. Konstantakopoulos, the new destination THE ILISIAN aims to promote the contemporary face of Athens internationally and further contribute to the establishment of the Greek capital among the main European choices for travel or even permanent residence . Our ambition is for it to be a point of meeting and inspiration where international influences unite with its local character.
Attract heavier wallets
Another positive effect is the attraction of a higher level of tourism from around the world and through the large group of 190 million members of the reward program “Hilton Honors” of the group.
Also, as estimated by TEMES Group and Hilton executives, on the sidelines of the event, the upgrade of the entire wider area is expected, which means an increase in its value.
Since the creation of the Hilton in 1963 the area has benefited in recent years when the Hilton closed for renovation and redevelopment the area has benefited again as many rooms have been lost from the area to other hotels. From the fourth quarter of 2025, when it starts operating, the place will win again because it will become a pole of attraction for visitors, said a person with experience in hotel matters.
Increase income and occupancy
The further increase in the average price, the average revenue per available room and the average occupancy of hotels, is the demand for the hotel industry in Athens from the investments of international chains in the new good years.
Already the occupancy of rooms in the Athens luxury hotel market increased by 10.3% in 2023, compared to the corresponding period in 2022 which formed the index of 72.7% compared to 65.9% in 2022. The average hotel room rate increased to 12 .6% compared until 2022, reaching € 232.25 compared to € 206.17 in 2022. Consequently, the revenue per available room increased in Athens luxury hotels by 24.3% (€ 168.92 compared to € 135.91 in 2022 ) and the same increase in total room revenue, according to the report in 2023. by Lampsa Group.
But the image of all hotels has also improved according to EXAAA data because the occupancy in 2023 may not have fully recovered the level of 2019 because there is a 1.5% decrease in the comparison period 2023/ 19, although the room rates (ADR) increased significantly by 29 % and thus the Revenue per Available Room /RevPAR increased by 27.1% in 2023 compared to 2019. As also highlighted in the EXAAA survey in terms of average price, the performance of Rome has noticed a 2023/19 increase of 59% due to the entry of new luxury hotel brands, which shows the way for the Greek capital as well.
The indirect and direct offerings of The Ilisian
The historic building located in Hiton Athens for more than half a century is evolving from a hotel to a multi-use and experiential ecosystem where, from the fourth quarter of 2025, a new hotel and residences of Hilton’s award-winning Conrad and Waldorf Astoria brands. accompanying areas of gastronomy, entertainment, health, shopping as well as a modern members’ club, connecting the world of modern Athens.
Professor Nikolaos Gergopoulos from the University of Piraeus and his team at the Department of Tourism Studies, presented last Thursday’s event, the study that highlights the economic and social impact of the new destination. Speaking about the investment that will exceed 340 million euros (plus VAT), he emphasized that the total impact of THE ILISIAN until its first 5 years of operation will exceed 1.25 billion euros, more than 800 direct jobs were done during construction. period, while during its operation up to 800 workers will be directly employed (3 times more positions than the previous operation as a hotel). The research group of the Department of Tourism Studies at the University of Piraeus has been studying and monitoring large-scale tourism investments for several years, focusing mainly on the multiplier forces and effects they bring to the local economy.
In this research, the method of Leontief indirect input-output model is used. The research team holistically studies the contribution of the new investment to the economy of Attica and the country as an integrated ecosystem.
The TEMES strategy
The strategy of TEMES actions with a cluster of investments in Messinia, spread throughout the value chain of tourism in Greece with a feeling that combines the hospitality of Greece with the sustainability and support of the local community. The same logic is observed in the planned new project regarding the investment of Ionian Hotel Enterprises SA – regarding the creation of the new destination The Ilisian, according to TEMES executives.
According to the model, the final product multiplier for the three main indicators of the National and Regional Economy, namely “Accommodation and Catering”, “Construction” and “Retail Trade” is as follows:
Each euro of investment in the construction sector increases the total output of the economy by an additional 1.34 euros.
Also, for every euro that is invested in the operation of new investments, the total product of the local economy increases by an additional 1.17 euros.
Finally, for every euro invested in the Retail Trade sector, it will increase the total economic product by an additional 2.01 euros, much higher than in other sectors.