Despite cost trimming, Asteras resorts posts losses for 2015

7 March 2016
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The Asteras resort in the coastal southeast Athens’ district of Vouliagmeni recorded a loss-making year in 2015, despite a positive season for the tourism sector as a whole in the country.

Despite a cut in operating costs, uncertainty in early 2015 over upscale resort’s management – given that a contract with Starwood Hotels & Resorts expired – failed to keep the group in the black. Nevertheless, the resort significantly improved results compared to the previous year, with losses reduced by 35 percent, yoy,

Consolidated turnover fell by 13 percent, compared to 2014, with analysts pointing to two reasons, one of which was the cancellation of the Poseidonia shipping exhibition.

The Asteras resort group had earned revenue worth 2.5 million euros in 2014 from the specific exhibition. The other reason was that the resort – which at one point featured three hotels and individual suites in what’s considered as the best coastal site in the greater Athens area – found itself without a pre-booking and reservation system in early 2015.

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