Athens Olympics impact on hotel industry

from today's Hotels newsfeed (7/31):

Athens Hotel Industry After Athens Olympics
-- Hotels, 7/31/2008 8:13:00 AM
Contributed by Dr. Aris Ikkos, ISHC, MAE, Managing Partner; Stefan Merkenhof, Managing Consultant

"So, what was the impact of the Athens Olympics on the Athens Hotel Industry? Comparing the performance of the Athens Hotel Industry with 2 competitive sets of 27 European cities and 8 Mediterranean cities1 for the period of 2003 – 2007, one can conclude that Athens’ occupancy picked up substantially after the 2004 Olympics reaching the average European level and exceeding the average Mediterranean level in 2007. Furthermore, although Athens’ Average Room Rate (ARR) followed the European and Mediterranean trend, it still is at a much lower level. As a result Athens’ Revenue Per Available Room (RevPAR) remains below that of European and the Mediterranean but the gap is slowly closing." ....

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