A mixed picture was presented by Lampsa's hotels in the first half of 2026, with the Grande Bretagne strengthening its performance thanks to the rise in the average room rate, King George recording a decline in sales and Athens Capital - M Gallery Collection remaining essentially stable.
At the same time, Athens Capital Suites, showed significant improvement, while both of the group's units in Serbia also moved upward.
The picture was shaped during a period in which the luxury hotel market of Athens maintained its occupancy at approximately the same levels, at 73.4% from 73.3%, but recorded an 8% increase in the average room rate (ADR), to 267.09 euros. As a result, revenue per available room (RevPAR) increased by 8.3%, to 196.15 euros.
As regards Lampsa's hotels, “Grande Bretagne” increased its sales by 2.15%, with the average room rate strengthening to 513.33 euros from 475.14 euros, offsetting the decline in occupancy to 67.93% from 69.21%. As a result, revenue per available room (RevPAR) increased to 348.69 euros, from 328.83 euros.
On the other hand, King George posted a decrease in sales of 4.22%. Although the average room rate increased to 462.59 euros from 449.68 euros, occupancy fell to 71.97% from 80.83%, with RevPAR declining to 332.95 euros from 363.48 euros.
At Athens Capital sales remained essentially stable, recording a marginal decrease of 0.10%. The average room rate increased to 320.70 euros from 309.91 euros, while occupancy declined to 75.89% from 78.67% and RevPAR came to 243.38 euros from 243.82 euros.
A particularly strong change was recorded at Athens Capital Suites, where occupancy increased to 51.56% from 34.21% and RevPAR to 235.68 euros from 160.35 euros, with the average room rate standing at 457.14 euros from 468.71 euros in the corresponding period last year.
The picture was also positive at the group's two hotels in Serbia. The Hyatt Regency Belgrade recorded a sales increase of 12.98%, with occupancy strengthening to 68% from 63.8% and RevPAR to 102.15 euros from 94.79 euros. At Mercure Excelsior sales increased by 7.49%, occupancy reached 59.46% from 50.81% and RevPAR to 50.32 euros from 46.56 euros.
Indeed, management notes in the semiannual financial report that the group's figures have stabilized at high levels, with an upward trend in the two units in Serbia, while the main challenges continue to include the increased cost of products and transport, the difficulty of finding specialized staff and the rise in labor costs.
The investment in Elatos Resort
Alongside its operating activity, Lampsa continued the implementation of its investment program. In the first half of 2026 the group's net investments in tangible fixed assets amounted to 10.68 million euros, while at parent company level they came to 3.979 million euros.
The expenditures were directed mainly to renovations of rooms and common areas, building interventions and new equipment.
At the center of the investment planning is the expansion of Elatos Resort & Health Club, at the Itamos location of Eptalofos Parnassos.
The project concerns the radical reconstruction and expansion of the existing Elatos Resort, with the aim of creating a luxury mountain resort with an emphasis on wellness and the ability to operate throughout the year. The plan provides for 38 chalets and 15 rooms in the central hotel, while the unit will join the Emblems Collection of the French group Accor.
The budget of the investment has been revised upward to 35 million euros, while, based on the latest timetable disclosed by management, the start of operations is placed toward the end of 2027.
For the implementation of the investment, the 100% subsidiary “Elatos Development” signed in May a amortizing loan agreement amounting to 19.485 million euros, with a duration of 15 years, with the National Bank and the Greek State. The financing is intended to cover part of the eligible investment cost of the unit's expansion.
Of the total loan, 11.521 million euros are financed through the Recovery Fund, with a fixed interest rate of 1% for the entire duration of the loan. The project has been deemed eligible for financing with Recovery Fund resources in the context of the “Extroversion” and “Green Transition” actions.
At the same time, within the first half the parent company allocated a total of 7.45 million euros to the subsidiaries “Zalokosta Tourism”, under whose umbrella Athens Capital Suites - MGallery Collection operates, and “Elatos Development”, as amounts against share capital increases, to finance their investment needs.
Investment interventions are also “running” at the group's flagship, the “Grande Bretagne”, with Lampsa promoting the configuration of office spaces on Voukourestiou, with the aim of integrating them into the building of its hotel on Syntagma Square. For this specific project, the preparation of the final studies for the intended use of the spaces is underway.