Up to 1000 hotels may close in Greece

One property agency in Crete has 75 hotels up for sale

In a further sign that hoteliers in Greece are struggling to survive a fall in bookings this year, the Hellenic Chamber of Hotels has announced that up to 1,000 hotels across the country face closure in the coming weeks. Around 10% of hotel owners in Greece are planning to leave or sell their businesses now that official figures have predicted that tourism revenue for 2012 will be 5% down on last year.
There has been a 20-30% decline in bookings from German nationals following tensions between the two countries, and it is forecast that Greece can expect around 10% less British and Irish tourists this year. Luxury properties in Athens may be the worst hit, but press reports say that 10 hotels are up for sale on Cephalonia, two real estate agencies in Corfu have 42 properties for sale (prices begin at €350,000) and an agency in Crete has 75 hotels up for sale.
TTG Digital
[pictured: Agios Nikolaos, Crete]