As Greece deals with the fallout from last year’s economic crisis, hotel owners in the country are reportedly trying to sell their assets. At least 5 percent of Greek hoteliers have placed ads in popular specialized websites over the last 40 days to sell their assets. Since December 2015, at least 482 ads have been published for the sale of hotel units in Greece, with a total value of over €1.7 billion.
In the Halkidiki peninsula in central Macedonia, 106 units have been put up for sale, asking for 406 million euros. Another 66 ads concern sales in Crete, asking for 348 million euros, including a five-star hotel in Hania. Hoteliers are also selling 53 units on the Ionian islands for 202 million euros.
According to Kathimerini, the number of sellers grows when last year’s listings are included. Other hoteliers are choosing different means to sell their assets.
Ironically, Greece saw an all-time record number of international arrivals last year, but as the paper noted, small and medium-sized hotels are facing serious sustainability issues.
This article originally appears on Hotelmanagement