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Dr. Aris Ikkos SE European Markets GREECE – CROATIA - MONTENEGRO.

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Presentation on theme: "Dr. Aris Ikkos SE European Markets GREECE – CROATIA - MONTENEGRO."— Presentation transcript:

1 Dr. Aris Ikkos SE European Markets GREECE – CROATIA - MONTENEGRO

2 Macro data GREECECROATIA MONTE- NEGRO Currency HRK (EU: 2011) Rank (arrivals/revenue) 15 / 1018/ n/a Top-growing tourism destination WTTC competitiveness Per Capita 2007 ($) 27,36015, Arrivals mn10 mn1 mn Rev/tourist ($) 1, n/a Tourism Economy ($) 51.8 mn13.7 mn0.7 mn 10-yr growth forecast 4%8%11% Coast (km)/Blue Flags 16,000 / 4045,000 / / 15 FutureBrand ranks Greece as No. 5 Country Brand in Tourism

3 First IPO participants have seen shares appreciate by 100% since Dec So far raised 400 mn ( ) – to be invested by end of 2007 IndicatorsSpain, Portugal Greece, Croatia, Cyprus, Turkey Tourist arrivals (2004)65 million43 million Tourist arrivals %+ 10% Area597,000 m2978,000 m2 Shoreline6,757 km27,359 km International airports (2004)1817 Number of Blue Flag beaches Golf courses (2004)33320 Completed Golf Resorts (2004)200+ (estimated)1

4 Holiday Homes The Case for Athens 5* Hotels and Resorts Greece

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7 Athens airport traffic Consistently ranked among top airports worldwide

8 The case of Athens : a modern city with things to do Planned Conference Centre main auditorium : ~ pax - can be split into 2 of and pax 2 auxiliary auditoria : 450 pax each break out rooms : total capacity pax covered lobby / exhibition area : sq. m. In excess of 1 bn invested in hotel renovations for 2004 Olympics

9 Athens 5* hotels

10 Athens 5* hotels – 2007 vs 2006

11 5* Hotels in Greece Total : 92 with beds 2005 : 155 with beds 2007 : 179 with beds

12 Major Investments CAVO SIDERO NAVARINO RESORT ATALANTI HILLS Budget ( mn) 1, ,000 Investor MinoanTEMESBritish-American Interests Lokros Scale (ha) 2, ,250 Project - Hotels - Housing - Golf - holes - Other 5 1, retail, marinas, theaters Conference center, spas 3 5, ha biological plantations

13 Latent Golf Tourism Demand Main Countries (2005) Players per 000 population Incoming tourists to Greece (2005) Latent demand for golf tourism UK Sweden Germany Netherlands Denmark Norway Other Subtotal Europe USA Canada Japan Subtotal Long Haul Total

14 How many golf courses? Latent demand: players Assume 4-5 rounds each (1 week) => rounds With rounds required per course to make it viable Greece can support, on latent demand alone, 22 – 45 golf courses

15 Significant niche markets Main Countries (2005) Ranking Latent demand Ranking Incoming tourists UK11 USA212 Sweden38 Canada417 Germany52

16 The Brands Existing Entering

17 Greece - Investment considerations Mature Destination - currency risk - Long Term A Corporate tax rate : 25% Government / EU subsidies –Cash Grants : 35% or higher –Wage subsidy for employment created –Tax allowance of up to 100% Biggest obstacle: Red Tape, but … … new Master Plan for Tourism & Real Estate Development is expected to cut through a lot of it

18 Trends Croatia

19 Hotels Performance 5* Hotels in Croatia2001 : 7 with 3,093 beds 2004 : 11 with 3,219 beds 2007 : 13 with 5,050 beds Source: Horwath Croatia Hotel Study

20 Major Investments Port Maricio Luxury resort Kempinski Porto Maricio Livka Bay Resort Budget ( mn) Investor AB Maris & Jack Nicklaus AB Maris LTDDCI & Virtus Investments Scale (ha) n/a 56 Project - Hotel -rooms - Housing - Golf - holes - Other berth marina units 18 holes 38 berth marina berth marina

21 Montenegro Trends

22 Hotels Performance Source: Horwath Croatia Hotel Study

23 Number of Hotels *Since 1989 categorization of hotels (especially 1* and 2*)

24 Seasonality

25 Major Investments Splendid HotelBellevueHotel Budget ( mn) Investor Montenegro stars hotel group Imobila- Iberostar(Germ an-Spanish) VEK - ZAO Scale (ha) n/a 60 Project - Hotels - Housing - Golf - Other 322 rooms 22 apartments spa 232 rooms n/a

26 Dr. Aris Ikkos Voukourestiou Athens


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