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.