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SE European Markets GREECE – CROATIA - MONTENEGRO

SE European Markets GREECE – CROATIA - MONTENEGRO. Dr. Aris Ikkos. Macro data. FutureBrand ranks Greece as No. 5 Country Brand in Tourism. First IPO participants have seen shares appreciate by 100% since Dec. 2005 So far raised € 400 mn (100 + 300) – to be invested by end of 2007.

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SE European Markets GREECE – CROATIA - MONTENEGRO

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

  2. Macro data FutureBrand ranks Greece as No. 5 Country Brand in Tourism

  3. First IPO participants have seen shares appreciate by 100% since Dec. 2005 • So far raised € 400 mn (100 + 300) – to be invested by end of 2007

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

  5. Athens airport traffic Consistently ranked among top airports worldwide

  6. The case of Athens : a modern city with things to do In excess of € 1bn invested in hotelrenovations for 2004 Olympics Planned Conference Centre • main auditorium : ~ 3.000 pax - can be split into 2 of 2.000 and 1.000 pax • 2 auxiliary auditoria : 450 pax each • break out rooms : total capacity 2.100 pax • covered lobby / exhibition area : 10.500 sq. m.

  7. Athens 5* hotels

  8. Athens 5* hotels – 2007 vs 2006

  9. 5* Hotels in Greece Total 2002 : 92 with 39.337 beds 2005 : 155 with 56.888 beds 2007 : 179 with 64.913 beds

  10. Major Investments

  11. Latent Golf Tourism Demand

  12. Greece can support, on latent demand alone, 22 – 45 golf courses How many golf courses? • Latent demand: 170.000 players • Assume 4-5 rounds each (1 week) • => 680.000 - 850.000 rounds • With 20.000 - 30.000 rounds required per course to make it viable

  13. Significant niche markets

  14. Existing The Brands Entering

  15. 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

  16. Croatia Trends

  17. Hotels Performance 5* Hotels in Croatia 2001 : 7 with 3,093 beds 2004 : 11 with 3,219 beds 2007 : 13 with 5,050 beds Source: Horwath Croatia Hotel Study

  18. Major Investments

  19. Montenegro Trends

  20. Hotels Performance Source: Horwath Croatia Hotel Study

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

  22. Seasonality

  23. Major Investments

  24. Dr. Aris Ikkos a.ikkos@gbrconsulting.gr Voukourestiou 31 106 73 Athens www.gbrconsulting.gr/tourism

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