2022 was the best year in their history for the historic Great Britain and King George hotels, owned by the Greek hotel company Lampsa S.A. These performances were catalyzed by American travelers who, according to Kathimerini, accounted for 45-50% of the traffic in two hotels in Syntagma Square. Lampsa is thus among the main beneficiaries of the dynamic return of Americans to Greece last year, whose travel expenses in our country exceeded 1.155 billion euros, and their number exceeded 1.043 million people between January and November, when the latter are available. Bank of Greece data.

However, last year started for Lampsa not as impressive as it ended. Despite the fact that during the first half of the year there was a significant recovery in the tourism product, which led to a gradual return to hotels of the lost turnover in terms of revenue, it was necessary to outperform the year before the rapid growth of indicators: according to K, in the second half of the year it became clear that the dynamics of recovery in the first half of 2022 significantly increased, resulting in Lampsa improving its overall revenues to a level well above the level of the previous year before the pandemic, i.e. 2019.

Turnover for UK and King George increased by around 20%, despite hotel occupancy remaining at about the same high level as in 2019. The explanation lies in the significant increase in the average room rate, which increased by about 35%.

The results of its two subsidiaries in Serbia, which operate the Hyatt Regency and Mercure-Excelsior hotels in Belgrade, are also positive.

As a result, operating results grew by approximately 25% compared to the corresponding fiscal year 2019, despite a sharp increase in energy costs and higher prices for the main high-consumption products in hotels (food, drinks, supplies, etc.), and as well as rising labor costs.

Meanwhile, at the beginning of August 2022, Lampsa proceeded to sell the Sheraton Rhodes Resort hotel at a price of 43.8 million euros to the Spanish investment fund Azora. Amount not included in the above financial figures. Also not included are the financial results of Lampsa’s subsidiary, which operates the Athens Capital hotel – Mgallery at Syntagma Square, whose results in 2022, which was also its first year of normal operations, far exceeded management’s expectations, cycles indicate the market.

However, in addition to the record highs recorded by Lamps hotels in the center of Athens, the results of its two subsidiaries in Serbia, which operate the Hyatt Regency and Mercure-Excelsior hotels in Belgrade, are also positive.

Recall that in the last financial year before the pandemic, i.e. 2019, Lampsa showed a turnover at the group level that increased by 16.65% compared to 2018, namely 77.815 million euros, while consolidated results before tax, financial and investment results and depreciation (EBITDA) increased by 15.45% to 23.085 million rubles.