The increase in group revenues was significantly driven by the hotels "Grande Bretagne" and "King George", which contributed a combined €1.5 million in additional income, while "Athens Capital" added a further €500,000. This strong performance in the Greek market was partially offset by challenges in Serbia, where the company’s hotels experienced notable losses due to weak tourism activity.
According to management, room rates in Athens' luxury hotels have reached post-pandemic highs. At the Hotel Grande Bretagne, for example, the average daily rate now stands at €520, compared to €350 pre-pandemic, reflecting both the surge in pricing and the current limits of market demand. Occupancy rates remain robust, with Grande Bretagne at 71% and King George exceeding 80%, making them the top-performing properties in Athens within the group’s portfolio.
Serbia Market Remains Unstable
In Serbia, Lampsa Group Board Chairwoman Chloe Laskaridis noted that the Hyatt Regency Belgrade and Mercure Excelsior were negatively affected by social unrest following the tragic train station incident in Novi Sad last November, which claimed 15 lives. The Serbian market remains volatile, with intense competition and limited growth prospects, unlike the more dynamic tourism landscape in Athens. Despite these setbacks, the company remains optimistic about recovering losses by September.
New Launch: Capital Suites by MGallery
The company recently unveiled its latest investment, Capital Suites, a new property featuring 19 luxury suites operating under the MGallery Collection brand by Accor. Opened just one month ago, the new venture has already received positive feedback from guests, as highlighted by Ms. Laskaridis. The investment, estimated at over €4 million, was implemented in a preserved neoclassical building at 7–9 Zalokosta Street, awarded to Lampsa via public tender. The opening ceremony took place in the presence of Prime Minister Kyriakos Mitsotakis.
Further Expansion in Central Athens
The group is also proceeding with a 30-year lease of an adjacent property at 8–10 Kriezotou Street, totaling 490 sq.m., owned by e-EFKA (Greece’s national social security fund). Although legal appeals delayed the process, e-EFKA is expected to reissue a new tender. Lampsa has already begun preliminary studies to redevelop the site, with the primary concept involving a modern parking facility and an aesthetically integrated building aligned with the urban character of the area.
Major Mountain Resort Development in Parnassos
Another key investment is the Elatos Resort in Mount Parnassos, a project valued at over €30 million. Despite delays due to logistical difficulties during the winter season, construction is progressing steadily, with completion expected in approximately 18 months. The resort will span 190,000 sq.m. and will include:
- 42 luxury chalets (2 to 4 bedrooms),
- 15 premium rooms in the central lodge.
The project aims to combine luxury hospitality with natural beauty, positioning itself to compete with high-end resorts in Switzerland and Austria. Lampsa has signed an agreement with Accor to operate the property under its Emblems Collection, the group’s luxury boutique hotel brand.
