Grand Hyatt Athens is finally in the black for the first time since its 2018 debut, ending 2024 with a small pre-tax profit and much higher revenue. This update, announced in Athens, follows a year of strong tourist demand, firmer pricing and a high-profile change of owner on Syngrou Avenue.
How much did revenue and profit grow in 2024?
According to the annual statements of Acropolis Hotel Single-Member S.A., 2024 revenue reached €45.24 million, up from €33.11 million in 2023 (an increase of 36.6%). Pre-tax earnings came in at €106,555, versus a loss of €2.39 million a year earlier, a small number but a clear turn to profit after several loss-making years.
What changed since last time?
Growth was broad-based: room revenue rose to €31.71 million, F&B to €9.87 million, and other income to €3.65 million. Leisure demand stayed strong, conferences and business travel kept coming back, and average room rates moved higher, and together that did the heavy lifting.
What changed in ownership and management?
In November, the property moved from the Hines and Henderson Park joint venture to Acropolis Bidco Single-Member S.A., a subsidiary of Hotel Investment Partners (HIP) backed by the Blackstone Group. The price was estimated at about €230 million. Day-to-day operations stay with Kokari Limited, working with the Hyatt brand.
Who is involved in the deal?
The sellers were Hines and Henderson Park, and the buyer is HIP (Blackstone). A follow-on merger of Acropolis Hotel Single-Member S.A. into Acropolis Bidco is expected to strengthen liquidity and give more room on financing.
How will this recovery affect Athens’ market?
As one of the capital’s largest luxury properties, with 548 rooms and 56 suites after a 2022 expansion of 215 rooms and a full renovation in 2023, the hotel’s stabilisation supports Athens’ push to be a year-round destination. The rebound mirrors citywide trends, with arrivals now above 2019 levels and demand shifting toward upgraded hospitality services.
How much was invested?
Total investments in renovation and expansion are estimated at roughly €140 million, which shows the scale of the project and its role in the local hospitality network along the Syngrou corridor.
What risks remain and what’s the outlook for 2025?
Management points to headwinds such as geopolitical tensions, inflation, elevated energy costs and hiring challenges for specialised roles. Even so, the outlook stays positive, helped by expected growth in arrivals at Athens International Airport and at regional gateways, which should sustain demand.
Where to find more information?
The figures cited come from the company’s 2024 financial statements and corporate disclosures. Residents and industry stakeholders can follow further updates as the 2025 season unfolds in Athens.
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