An increase in its figures by 2% - 3% is expected for 2026 by Makedonia Palace, after the high recorded by the hotel’s turnover during the previous fiscal year. The hotel is operated by a company linked to Ivan Savvidis. The first indications of the current fiscal year are, according to management, positive, as a significant increase and strong interest from visitors and conference attendees are being recorded.
In 2025, the turnover of “Makedonia Palace S.A.” amounted to 17.23 million euros, compared to 17.02 million euros in 2024, marking an increase of approximately 1.25%. Almost all of the revenue, amounting to 17.228 million euros, came from the provision of services.
Management links the increase in turnover to the strengthening of tourism and hotel activity in Thessaloniki, as well as to the increased visitor traffic of the city due to conferences and other professional and social events. At the same time, the improvement of the hotel’s pricing policy continues, with the aim, among other things, of achieving a better return on the investments made in previous years.
Despite the rise in revenue, the company moved to a loss-making result in 2025, recording losses of 3.07 million euros, compared to profits of 727 thousand euros in 2024. This development is attributed mainly to increased promotional expenses, but also to the recognition of lease liabilities to EFKA in the context of the settlement and offsetting of investment expenses. Management describes these specific charges as extraordinary and non-recurring and expects a reversal of the related liabilities in a subsequent fiscal year.
It is noted that the property housing Makedonia Palace belongs to e-EFKA. In the tender of the then IKA-ETAM for the long-term lease of the hotel, the highest bidder in 2013 was LLC Atlantis Pak, linked to Ivan Savvidis, while the lease agreement was signed in 2014 with Makedonia Palace S.A. Its duration was set at 30 years, with the right of extension for an additional 10 years.
As regards the investment front, the plan for the renovation of the 9th floor of Makedonia Palace remains open. Management has decided to extend the suspension of the project’s implementation, clarifying, however, that it is expected to be carried out in the coming years, depending on the prevailing conditions each time.
This specific plan follows the major renovation that has already been carried out at the hotel. As emerges from the financial statements, the total value of the investment program was ultimately shaped at approximately 12.5 million euros. Additional technical works, which were deemed necessary for the completion of the investment and the full restoration of the hotel’s functionality, cost 4.36 million euros, an amount the company is claiming from EFKA.
The financial picture, however, continues to have points of pressure. At the end of 2025, the company’s equity was negative by 3.64 million euros, while short-term liabilities exceeded current assets by 5.24 million euros. Management states that the positive indications of the first months of 2026 have already contributed to improving the financial position and estimates that the company will continue its activity without interruption.