Grand Hyatt Athens is back in the black for the first time since opening in 2018, as shown in the 2024 financials released yesterday in Athens. The Syngrou Avenue city hotel posted €45.24 million in revenue in 2024, up 36.6% from €33.11 million in 2023, and a small pre-tax profit of €106,555 after a €2.39 million loss a year earlier. This shift came after a full renovation finished in 2023 and a wave of leisure travelers choosing the capital.
How will the result impact Athens’ hospitality?
This result adds fuel to Athens tourism recovery and keeps money circulating through jobs, suppliers, events, and transport. Business trips and conferences are edging back, while leisure arrivals stayed strong, so a profitable flagship on Syngrou helps the city stand out as a destination all year, not just summer.
What do residents and businesses gain?
When hotels do well, people feel it: steadier shifts for staff, fuller calendars for event firms, and extra tables turning at nearby restaurants and service spots. It also points to a sturdier tax base and gives owners more nerve to invest in upgrades along the Syngrou corridor.
What changed after the 2023 renovation?
The hotel didn’t just freshen the paint; it grew. After adding 215 rooms in 2022, the 2023 overhaul took the count to 548 rooms and 56 suites. Day-to-day management sits with Kokari Limited, linked to the Y&T Daskalantonakis Knossian Group, under the Grand Hyatt name.
How did each segment perform?
- Rooms brought in €31.71 million in 2024 (versus €23.70 million in 2023).
- Food & beverage climbed to €9.87 million (from €7.25 million).
- Other income rose to €3.65 million (from €2.16 million).
The upswing was led by leisure travelers, while business and conference bookings kept improving as 2024 went on.
What does Blackstone’s entry mean?
On 26 November 2024, ownership shifted from Hines-Henderson Park to Acropolis Bidco Single-Member S.A., a subsidiary of Hotel Investment Partners (HIP) controlled by Blackstone, in a deal estimated at €230 million. HIP now looks after a portfolio of 73 hotels with 22,000 rooms across Southern Europe. A planned merger of Acropolis Hotel Single-Member S.A. into its parent, Acropolis Bidco, plus Blackstone’s backing, should strengthen liquidity and keep the Athens hotel competitive.
Who runs day-to-day operations?
Kokari Limited runs the operation under the Grand Hyatt flag, while ownership rests with HIP (Blackstone). It’s still one of the biggest city hotels in Athens.
What risks remain for 2025?
The company flags ongoing pressure from geopolitics, inflation, expensive energy, and a shortage of skilled staff. Even so, the 2025 view stays upbeat: arrivals to Athens and regional airports are expected to rise, which should keep demand steady along Syngrou.
What information is still missing?
Some basics weren’t in the filing: occupancy, average daily rate (ADR), revenue per available room (RevPAR), and headcount. Those figures may show up, or be confirmed, in later reports.
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