SETE: The danger of Greek hotels passing into foreign hands is very smal

The danger of Greek hotels passing into foreign hands is very small, the president of the Greek Tourism Confederation (SETE) Andreas Andreadis said in statements to the Athens Macedonian News Agency (ANA).
Andreadis’ term as president of the tourism confederation will end in May.

Referring to hotel lending, he stressed that the total debt is 7.2 billion euros, 3.6 billion euros of which are “bad loans”. He added, however, that 600 million euro loans out of the 3.6 million euro loans have already been settled.

Moreover, he underlined that the tourism sector is not considered overborrowed compared to the 13 billion euro revenue of the sector and its contribution to the Greek economy. He also stated that tourism is now recognized by society as the most potent pillar of the Greek economy.