Lampsas’ major investment in Parnassos is on schedule, with the project’s initial budget having been revised upward and now standing at close to 35 million euros, up from approximately 30 million euros, which was the most recent estimate.
Lampsa’s management attributes the cost increase not only to rising prices for construction materials and labor—which have affected all major investments in recent years—but also to the company’s strategic decision to upgrade the final product. “We have big plans for this particular investment and have devoted significant time to its planning,” the management emphasized, noting that the goal is to create a mountain tourism destination of international standards that can compete with similar destinations in Central and Northern Europe.
During the shareholders’ general meeting, it was noted that the goal is for the new Elatos Resort & Health Club to make its debut in late 2027 and to be not merely a hotel, but a comprehensive tourist destination capable of operating year-round.
To this end, the design centers on making the most of the natural environment, with an emphasis on activities within the forest and across the entire site of the development. The complex is being developed on a 190-stremma site and will include chalets and guest rooms, as well as a state-of-the-art spa designed to offer wellness and relaxation services to guests.
A few days ago, the company secured nearly 19.5 million euros in financing to carry out the project.
It should be noted that Lampsa has entered into an agreement with the French group Accor to manage the resort, which will be the only one in Greece to bear the Emblems Collection brand.
On the investment front, the renovation of the spa at the Grande Bretagne is in full swing, with the company’s management noting that it is not currently actively seeking new investment opportunities, though it does not rule out a move that could fit into its strategy should a particularly attractive opportunity arise.
It should be noted that Lampsa’s partnership with Marriott for the Great Britain will conclude in two years, at which point the next steps for the group’s flagship will be evaluated.
The Outlook for 2026
Outlining the trajectory for the current fiscal year, Lamps’ management expressed optimism, estimating that 2026 will end with results slightly better than last year’s, despite international uncertainty and the pressures created by geopolitical developments.
“The year is going relatively well. There are certain difficulties; we’re all keeping an eye on international developments and are aware of what’s happening in the world. However, overall, the trend is positive, and we estimate that we will close out 2026 with results slightly better than last year’s,” the management of the publicly traded company emphasized.
Bookings were affected, but the impact was less than initially feared. According to management, the main factor affecting demand is not so much geopolitical tensions as it is the high cost and increased expense of travel. Fluctuations in fuel prices, as well as the euro-dollar exchange rate, influence the behavior of specific markets, though no significant change has been recorded so far.
The U.S. market remains the leading market for the Lampsa Group. As noted, despite initial concerns following the onset of international turmoil, no substantial change in the behavior of American travelers has been observed. The main challenge for this market relates primarily to the higher cost of long-distance air travel.
In any case, this year, rates at the group’s hotels have declined slightly, while occupancy rates have improved.
In fact, as management pointed out, this year marks the fifth consecutive year in which a clear shift in the demand pattern has been observed.
Demand in July and August is lower than it was about five years ago, while the so-called “shoulder months”—May, June, September, and October—have seen a significant increase.
“This is most likely due to the very high summer temperatures, but also to the fact that in July and August, popular destinations are particularly overwhelmed by increased tourist traffic, which deters some travelers,” the management noted.
Regarding the listed company’s performance for 2025, consolidated revenue stood at 126.1 million euros, marking a 3% increase compared to 2024, while the Grande Bretagne and King George hotels recorded a 5% rise in sales, reaching 85.7 million euros. The group’s pre-tax profits amounted to 24.5 million euros.
It should be noted that at yesterday’s general meeting, it was decided not to distribute a dividend for the 2025 fiscal year, given the €10 million capital return to shareholders in 2023 and the need to finance the group’s investment plans.