Investments of 3 billion euros were implemented in the hotel industry in 2023, according to Theodore Tzouros, senior general manager, Chief Corporate & Investment Banking of Piraeus Bank.
Addressing the International Hospitality Forum 2024 organized by the Hellenic Chamber of Hotels, Tzouros said that Greek banks are responsible for the majority of tourism business financing, with a portfolio of 10 billion euros, which is close to 14% of total loans.
Greek banks have supported the development initiatives of the sector even in times of complete lack of alternative solutions, Tzouros said, pointing out that today more and more large hotel projects are financed with project finance structures, requiring significant expertise and the preparation of detailed business plans from the customer side.
In addition, he noted that the banking system utilizes the resources of the Recovery Fund, with contracts of more than 1 billion euros directed to hotel projects, securing low-interest loans.
According to Tzouros, it is extremely positive that more and more hotel companies are recently strengthening their corporate governance, while we see even small and medium-sized companies strengthening their executive potential with specialized employees in the field of financial management, sales, marketing and human resources.
Tzouros focused on the role of financing with ESG criteria. Despite the lack of a standardized framework for ESG practices in the hotel sector, they will be continuously strengthened and will lead to the adaptation of the operation of hotel units to sustainability practices, such as energy upgrading and saving, respecting and minimizing the pressure on the environment and highlighting local heritage and products.
