Gold Magazine February - March 2013, Issue 23 | Page 68

greece

Gold: Did the international image of
Greece (due to strikes, demonstrations
against the austerity measures, occasional
violence) have a visible effect on tourist arrivals in 2012? If so, do you think that this
negative image will now change?
Y.A.R.: There is no doubt that, during 2010,
2011 and the first half of 2012, our society
suffered massive shocks, resulting in constant
‘explosions’. We all know that tourism ultimately comes down to image and psychology.
Therefore, the fact that for more than two
years we were headlines in most newspapers, magazines and TV networks around
the world damaged our image. The biggest
problem has been in Athens but since the
elections in June 2012, the situation has definitely improved. The country’s credibility on
a European level seems to increasing and the
fear of the so-called “Grexit” is no longer real.
However, it will take years and a great deal of
effort to restore our damaged image and, as I
have been constantly saying over the last three
years, we need to protect the reputation of
our capital city, Athens, by all means because
anything positive or negative reflects on the
whole country and has consequences on it.
Gold: Have prices fallen in the Greek tourism sector?
Y.A.R.: Prices have been our only marketing tool during these five years of recession
and three years of negative image, in order
to maintain the number of incoming visitors
above 16 million. The Revpar [revenue per
available room] of Greek hotels fell by more
than 25% in 2012 compared to 2008 and
in Athens-A ttica alone, revenues dropped by
more than 40%.
Gold: What can you and your colleagues
in the hotel sector do to increase tourist
arrivals? Is there a specific plan of action?
Y.A.R.: For many years now, we have been
criticizing the marketing and promotion
strategy of successive governments and the
Ministry of Tourism, as expressed by the
Greek Tourism Organisation, for its unclear
branding strategy. We found the crisis to be a
unique opportunity to take the situation into
our own hands. The Association of Greek
Tourist Enterprises (SETE), announced the
formation of “Marketing Greece”, a company
100% owned by the private sector, which
will focus on the long-term marketing of our
country and its tourist product and have an

on-line presentation of what we are selling.
The goal of this effort is to show the rest of
the world and potential visitors what this
country is all about, its different aspects and
a clear brand based on the trends and needs
of today’s demanding traveller and not just
the traditional “sun and sea” which may
have introduced Greece to the world but
today seems to be outdated.
How is Electra Hotels & Resorts coping
with the situation?
Y.A.R.: We are a Greek company, doing
business in Greece, meaning that it is inevi-

ence have been building up for five decades now. The hotel management and
staff of any Electra hotel are constantly
striving to enhance and enrich the quality of facilities and services it already
provides and to offer traditional Greek
hospitality and generosity to its guests,
in order to ensure their total satisfaction.
The biggest advantage for our business
clients is our selected locations, as each
of our hotels is located in or close to the
business, commercial, cultural and social
centres of Athens, Thessaloniki and
Rhodes.
Gold: How important is business tourism to Greece and to you in particular?
Y.A.R.: Business tourism is extremely
important to Greece, especially taking the
country’s strategic location into consideration. The crisis we are facing has slowed
things down but I am positive that the
inevitable recovery will empower the
business segment of our market. This is
why we are also focusing on that segment
as a company, by improving our facilities,
adjusting our services to modern business
needs and trying to discover the best distribution and selling channels.

Yiannis
Retsos

table to face all the problems from the current
situation. Our diversification though, with
two hotels in Athens, one in Thessaloniki, one
in Rhodes and one in Crete, allows us to take
advantage from the increase of the incoming
portion of the business, in order to cover losses
from the internal demand and the negative
image of Athens. In addition, our conservative strategy, along with a very efficient cost
cutting during the last five years, enabled us to
have a very healthy debt/revenue ratio, assisting in this way our relation with the banking
system, which these days is the biggest challenge businesses face in Greece.
Gold: What are the advantages for business
travelers to Greece who choose to stay in an
Electra hotel?
Y.A.R.: Electra Hotels & Resorts was established in 1963, so our reputation and experi-

66 Gold THE INTERNATIONAL INVESTMENT, FINANCE & PROFESSIONAL SERVICES MAGAZINE OF CYPRUS

Gold: What is your message, both as
Chairman of the Hellenic Hotel Federation and CEO of Electra Hotels &
Resorts, to the business people reading
Gold magazine?
Y.A.R.: I understand that business life
in Cyprus seems to follow the Greek
path with a certain time-lag. I know
this sounds scary, especially having seen
what Greece has been going through
since 2010. On the other hand, it can
be a tremendous opportunity for the
Cypriot business world to learn from our
mistakes, on a political, economical and
social level and avoid them. I think that
the size of the Cypriot economy will allow a faster exit from the crisis, as long as
people realize that the requested reforms
are for their own benefit and comply with
them fast and with great efficiency. I am
also positive that Cyprus, as a tourist destination, will also have the opportunity
to prove that, despite the economic crisis,
there are sectors of the economy which
can outperform, even in situations like
the present one.