Donkey Hotels anticipate tourism to make a comeback

Wednesday, February 24, 2021

The family of entrepreneur Christos Joannou, recognized in the market from the Avax construction company, has a business plan for its hotels that provides for an increase of yearly turnover to 50 million Euros and operating profits to €15 million within four years along with the entry of a strategic investor.

The new hotel group is named Donkey Hotels and will shortly take in domestic and international investment capital that will further assist in development of the company in the sector.

Donkey Hotels announced its foundation on Monday by inclusion of YES! Hotels by Athinaion SA, which controls the landmark Athenaeum InterContinental. A new, five-star hotel unit on Santorini will also be added to the group, offering 121 rooms, with about half of them having a private swimming pool.

The new group will manage a total of 836 five-star rooms with its permanent staff surpassing 650 employees.

“With this move we aspire to highlight our successful presence in the hotel sector and create economies of scale and synergies that will give a great momentum to Donkey Hotels, while focusing on the strong prospects for tourism in our country after the end of the pandemic,” said Joannou.

The pandemic has proved to be a huge impediment for tourism. The Bank of Greece data exhibited a 76.5% annual decline in both tourism arrivals and revenue in 2020 compared to 2019.

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