Greek hotel owners will face huge losses this year

As the world’s largest leisure, travel and tourism company Tui AG postponed the payment this year to March 2021, Greek hotel owners will face huge losses this year. 


TuiAG will postpone the payments due to them this year to March 2021. The Anglo-German tour operator has issued several contract amendments, requiring hoteliers to postpone until March to receive three-quarters of the accommodation fee due this year. 

In an interview with Greek Reporter, Grigorris Tasios, chairman of the HHF Association, estimated that TUI’s total national debt as of August 2020 was 140 million euros.”The contract between TUI and the Greek hotel owner stipulates that the payment should be repaid 60 days after the invoice is issued. In contrast, the company announced to them at the end of October that they will sign an agreement to now charge 25% of the arrears, and Get it in March/April 2021, otherwise you will get nothing.” 


Tasios believes that Greek hotels will inevitably need state financing to overcome this emerging crisis. 


Leave a Reply

Your email address will not be published. Required fields are marked *

Bus Holiday Travel

Low cost bus travel from just €5

  Benefit from comfortable, low-cost European bus travel Jump on board one of our green buses and travel throughout Europe. Choose your route from our extensive network; with over 400,000 daily connections to over 2,500 destinations in 35 European countries, you really can explore Europe! Planning a backpacking trip in Europe? Want to go on […]

Read More
Covid-19 Portugal Social issues

Covid: Portugal has 90.3 cases per 100K inhabitants

  According to a joint announcement by the General Administration of Health (DGS) and INSA, Portugal has 90.3 SARS-CoV-2 cases per 100,000 inhabitants, and its transmission index (Rt) is 0.84.    As stated by official data, the incidence rate was 79.1 cases per 100,000 inhabitants, and the Rt was 0.80 when analyzed in mainland Portugal […]

Read More
Greece Italy Lifestyle

Is it true that Greeks invented Pizza before Italians?

  Historical evidence shows that the Greeks ate a flat bread called πλακούς (plakous), or “flat” bread, topped with olive oil, herbs, onions, cheese, and garlic, and baked in a tandoor.    Greek pizza adapted by the Romans who naturally adopted the idea of baking speckled bread in the oven after putting the ingredients of […]

Read More