Greek hotel losses from Thomas Cook collapse estimated at 315 mln euros

Hotel losses from the collapse of Thomas Cook are estimated at 315 million euros, Hellenic Chamber of Hotels said on Tuesday. 

The Chamber presented the results of a survey conducted by the Research Institute for Tourism (ITEP) in the period September 24-27 on hotels cooperating with Thomas Cook. The survey showed from a total of 9,917 hotels operating in the country, 1,193 were cooperating with Thomas Cook Group, or 12 pct of hotel capacity, with 48 pct of them ranking in the 1-, 2- and 3-star hotel categories.

The survey said that the negative impact was not restricted only in claims for 2019 – which can no longer be covered – but noted that estimated losses of arrivals and stayovers because of the collapse of the UK tour operator in 2020 will reach 1.0 billion euros, while for the economy in general losses could reach 2.5 billion euros next year.

Alexandros Vasilikos, president of the Chamber, speaking during a news conference, said that the Chamber was examining a package of measures aimed to support employment, liquidity and the viability of hotel units. He also underlined the need to create a large alliance between the government, tourism authorities, regional authorities, agencies and enterprises to promote the country and to implement alternative synergies as the economy faced the risk of losses worth 2.5 billion euros in 2020. 

“Extending the tourism season and attracting visitors with higher incomes are urgent targets for the tourism industry,” Vasilikos noted.

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