Zeus International Hotels & Resorts is making new investments to further upgrade its hotel units in Greece and abroad, having completed an €80 million investment programme in the group'shotels within 2023.

In a presentation yesterday (11.4.2024), Zeus International CEO Mr. Haris Siganos spoke about the new investments in the group's hotels, stating: "Our radars are open for either new properties or long-term leases, and the units we have already acquired have further expansion potential, which is our priority."

The group's earnings before interest, tax, depreciation and amortisation (EBITDA) for 2023 were set at €23 million, but in 2024 the group aims to record earnings of more than €30 million.

At the same time, Zeus International's hotel turnover (turnover) reached €50 million in 2023 and sets a target for 2024 to exceed €70 million.

The group is currently approaching 2,600 privately owned rooms in villa and bungalow hotels. If third-party rooms are included in the total, the number reaches 4,000, with Zeus adding close to 500 - 600 rooms to its portfolio on an annual basis in recent years.

Mr Siganos underlines: "Strategically, we started decades ago at a management level and now we have 9 privately owned hotels with moves that have been implemented in the last 6 years, so our growth is charted either with privately owned units or long-term leases, as we believe that we also need to control the progress of each investment either as owners or as long-term tenants.

At the moment the group has developed in 4 countries (Greece, Romania, Italy and Cyprus) and in all cases we create authentic accommodation experiences, also connecting the local culture of each destination."

Regarding the booking trend for 2024, he pointed out that "the trend is upwards, but the industry is so sensitive and multi-factorial that it is still too early to talk about higher performance compared to 2023.

But the bottom line is that Greece is rising as a destination and even though today we are in a geopolitical situation where key foreign markets are essentially closed - such as Russia, Ukraine, Israel - nevertheless Greece's numbers are historically high.

Sooner or later when the geopolitical conditions normalize there may be an even bigger boost. So the sign is positive, we are optimistic, but on the other hand we are not of the opinion that this year will be... chaos".

Zeus International acquired two new hotel units in Italy and Greece in the past period, Dolce Milan Malpensa in Milan and Lazart Hotel Trademark Collection by Windham in Thessaloniki, while also making expansions and renovations to its owned hotels in Greece and abroad.

"Our presence in Italy also marks the group's expansive 'opening' for the next day, because in every destination we have reached we have not stayed in one hotel," said Mr Siganos, while the acquisition of Lazart in Thessaloniki "also proves our commitment to the destination. We believe that the development of tourism in the capital city has a great future".

NEW UNITS AND PLANS

Zeus International is currently implementing the radical renovation of the Opera Hotel in Romania and aims to upgrade Dolce Milan Malpensa in 2025. In addition, the group is completing the radical renovation of the recently acquired Ammos Luxury Resort, in Kos, which is being upgraded to a 5-star resort. The renovation will continue into 2025, with the addition of new rooms and private pools on an adjacent land purchased to bring the unit to 250 rooms in the next two years.

The Ajul Luxury Hotel & Spa Resort, in Kassandra, Halkidiki, is being renovated and expanded, with the creation of a Water Park and Adventure Park; Dolce Attica Rivera, with the creation of an Aqua Park and Adventure Park; and Wyndham Grand Crete Mirabello Bay, reaching 343 rooms, villas and bungalows; a new restaurant, reaching a total of 11 restaurants and bars; and a Water Park, one of the largest in Greece. Ajul has permission to develop another 160 bungalows and villas.

Greek companies have been contracted to renovate and expand all the hotel units, either within or outside the border, according to Zeus International.

The renovation of facilities with a total area of more than 300,000 sqm has been carried out by Zeus in the last four years, according to Mr. Manousos Tsouhlarakis, Chief Financial Officer Vice President of BoD.