Hotel investment in Greece: acquiring a hotel with discipline

Hotel investment in Greece has become one of the most closely watched segments for European and international investors: record visitor numbers, an upgrading hotel stock and rising transaction volumes. But a hotel is not an apartment. Its value depends on how it is operated, on its licences, its season and its building rights. Acropolis Real Estate acts as an independent buyer's agent, on behalf of the purchaser: we search, analyse and secure the acquisition, with no seller mandate.

This page covers the market, the assets, the legal points and our method. For a step-by-step approach, read our article on investing in a hotel in Greece.

The hotel investment market in Greece

The demand fundamentals are strong. According to Bank of Greece data reported by Enterprise Greece (March 2026), the country welcomed around 38 million visitors in 2025 (+5.6%) and generated €23.6 billion in travel receipts (+9.4%), both records. Receipts are growing faster than arrivals, a sign of higher spending per visitor.

Two caveats matter. First, hotel performance lags the headline tourism figures: the Hotel Institute of Greece (ITEP) reported broadly flat summer occupancy in 2025. Second, short-term rentals compete directly with hotels on the islands. Differentiated, well-located and well-run assets outperform; the rest do not.

Types of hotel assets

Current opportunities are presented on our page of boutique hotels for sale in Greece, which also explains how we handle a hotel purchase from search to signing.

Yields: ranges, never promises

There is no reliable public benchmark for Greek hotel yields comparable to those published for offices or retail. Some Greek market participants quote gross yields of roughly 6% to 10% a year for well-run boutique hotels. Treat these as indicative only: net yield, after operating costs, major maintenance and tax, is materially lower and varies widely between assets.

What actually drives returns:

• average daily rate (ADR) and revenue per available room (RevPAR): in Athens, RevPAR rose by about 6.8% in the first half of 2026 according to CoStar;
• the length of the season and the share of direct bookings;
• the cost base: staff, energy, platform commissions;
• the operating model: owner-operated, management contract, lease or franchise;
• the capital expenditure (capex) needed to stay at the level of the hotel's category.

We build a prudent business plan with you, with downside, base and upside scenarios. No return is guaranteed.

Structuring the acquisition: Greek company options

Hotels are rarely bought in a personal name. There are two routes: buying the property and business (asset deal) or buying the operating company (share deal). A share deal also takes on the company's tax and employment history, hence the importance of due diligence.

The right choice depends on your personal tax position, any European holding company and the financing. It is decided with Greek corporate and tax advisers. We work with yours or introduce you to independent firms.

Licences, classification and planning

Hotel operation is mainly governed by Law 4276/2014, under the Ministry of Tourism. What we always check:

• the operating licence (Special Operating Label, or ESL), issued within the framework of the Ministry of Tourism and the Greek National Tourism Organisation (EOT / GNTO), which must match the number of rooms and beds actually in use;
• the star rating, assigned through the Hellenic Chamber of Hotels, and whether it reflects the property's real condition;
• planning compliance of every building, pool and extension, checked by an engineer;
• local constraints: Mykonos and Santorini are under building-permit freezes until the end of 2026 at the latest, and the Special Spatial Framework for Tourism presented in May 2026 classifies these islands as saturated areas, with tighter limits on new hotels.

In practice, an extension plan on a high-demand island may prove impossible. We have this confirmed before any offer.

Seasonality and operations

On the islands, the trading season generally runs from April or May to October; Athens and, to a lesser extent, Crete trade more evenly through the year. Enterprise Greece reports a sharp rise in December 2025 receipts, but the shoulder season is a growth opportunity rather than a certainty.

The operating model is a structural decision. A private investor who does not want day-to-day involvement will usually prefer a management contract with an operator or a lease to a tenant-operator. A recognised brand can help with distribution and financing, at the cost of fees and brand standards.

Hotel due diligence checklist

Our standard checklist, adapted to each asset:

1. Legal: title, cadastre, easements, mortgages, litigation.
2. Planning: building permits, legalisations, compliance of floor areas and pools.
3. Licences: operating licence, classification, health and fire certificates.
4. Financial: three years of accounts, occupancy, ADR, forward bookings, contracts with platforms and tour operators.
5. Technical: building condition, plant, energy, costed refurbishment needs.
6. Employment: staff contracts, seasonal workforce, applicable agreements.
7. Tax: taxes and social contributions up to date, particularly in a share deal.
8. Environmental: protected areas, coastline, water supply.

Financing and incentives

Greek banks lend to the hotel sector, usually with significant equity and on the basis of a trading history. Development Law 4887/2022 includes an aid scheme for tourism investments (creating, expanding or upgrading accommodation), which can take the form of tax exemptions, grants, leasing subsidies or support for employment costs. Access depends on open calls, the project and its region, and should be prepared early with a specialist adviser.

How we work

A typical engagement, presented as such:

1. Brief: budget, horizon, asset type, preferred operating model.
2. Search: public sources plus a network of operators and discreet sellers, including off-market.
3. Analysis: site visit, first review of accounts and licences, return scenarios.
4. Offer and negotiation, solely in your interest.
5. Due diligence coordination with your lawyers, engineers and accountants.
6. Signing and handover to the chosen operator.

The team draws on the background of Nicolas Milonas, with more than 25 years of cross-border investment. Our fees start from 2% of the purchase price (VAT included), with a minimum fixed fee on quotation. If you are combining a hotel project with a family residence, see also our page on Greece Golden Visa real estate and, for a wider view, luxury property investment in Europe. To discuss your project, contact our team or call +33 7 68 39 96 13.