Dinos Tornivouskas (TOR Hotel Group): why we decided to expand in Athens

“All of our hotels are… apical of the enactment successful presumption of determination and this is what we person sought successful the lawsuit of our caller concern successful Athens for the caller 5-star portion that we anticipation to person acceptable by the extremity of 2028.”

This was stated successful an interrogation with Mr. Dinos Tornivouskas, caput of the bluish Greek TOR Hotel Group, which connected the day of 100 years of beingness successful the hospitality manufacture is making the big… descent from Northern Greece to the halfway of Athens successful a caller task that volition beryllium ready, barring immoderate contingency and fixed the demanding licensing procedures, successful 2028.

The gathering astatine 4 Kolokotronis Street, Anthimou Gazi and Karitsis Street dates backmost to its operation soon earlier World War II, astir 1938, hosting until 2015 the services of TSMEDE.

The Descent into Athens

Speaking astir the group’s expansion, Dinos Tornivoukas stresses helium is not overly acrophobic astir imaginable support delays. As helium explains, the radical is accustomed to navigating demanding procedures, having already developed landmark properties successful Thessaloniki specified arsenic the 5-star Excelsior (a subordinate of Small Luxury Hotels of the World) and the ON Residence, the lone listed beachfront gathering restored successful collaboration with Grivalia.

“With our proven expertise successful historical buildings, we bask the spot adjacent of the Greek state. We are assured connected the approvals front, and estimation 3 years until the edifice opens—towards precocious 2028 oregon aboriginal 2029. We’re presently astatine the architectural connection stage. The concession has been signed, and we are awaiting handover of the building.”

This summer, e-EFKA approved the semipermanent lease (30+10 years) of a listed spot adjacent the Old Parliament and Stadiou Street to Macedonian Hotels S.A., astatine a monthly rent of €75,000. The 4,214 sq.m. spot spans a basement, crushed floor, mezzanine, 5 precocious floors, and a extortion terrace. Market sources enactment the 2nd bid—by a overseas hospitality player—was adjacent astatine €69,000. The caller portion volition connection 60–65 rooms.

“In hospitality, determination is non-negotiable. That rule has guided america passim our journey. Athens has agelong been connected our radar, adjacent pre-pandemic, but we were waiting for the close asset—one that would mitigate enlargement hazard done its positioning. This property, beside the Old Parliament, was precisely that.”

He adds that arsenic a household business, enlargement is pursued carefully:

“Tourism is simply a delicate sector. A household radical should not over-leverage, truthful our indebtedness is kept astatine prudent levels. Growth is healthy, ne'er excessive. Unlike larger chains, we trust connected long-standing partnerships and loyal clientele built implicit decades.”

A Century of Hospitality

This year, the Tornivoukas household marks 100 years successful hospitality. It began successful 1925 erstwhile merchant Kotsos Tornivoukas founded the Mediterranee, Thessaloniki’s archetypal luxury hotel, aboriginal mislaid successful the 1978 earthquake.

Today, Tor Group operates the Excelsior and City successful Thessaloniki, the associated task ON Residence with Grivalia, and Eagles Palace & Eagles Villas successful Halkidiki.

The group’s 2025 turnover is projected astatine €25m (up from €22.5m successful 2024). Occupancy astatine the Eagles resorts exceeds 90% with revenues up 20%. In Thessaloniki, City has conscionable completed a renovation, ON Residence is up 15% year-on-year, and the Excelsior continues with unchangeable growth. At ON Residence, astir fractional the guests are Greek, with the remainder divided among road-tourism markets (Balkans, Turkey), Cyprus, Israel, and Western Europe. Average occupancy exceeds 80%. The property’s Michelin “key” favoritism further boosted recognition, making it the lone edifice successful Northern Greece with specified an award.

Thessaloniki vs. Athens

Commenting connected the group’s Athens entry, Tornivoukas reflects connected the spread betwixt the 2 cities:

“Thessaloniki had fallen behind, lacking the momentum Athens has built successful caller years. Progress is visible—better promotion, municipal initiatives—but the crushed mislaid cannot beryllium recovered overnight. Prices bespeak that: 5-star hotels mean €150 per nighttime here, compared to €350 successful Athens.”

Direct aerial links stay limited, mostly seasonal, hindering connectivity. Long-standing issues, specified arsenic the International Fair site, are lone present being addressed.

On caller planetary brands entering Thessaloniki, helium is positive:

“Competition is healthy. It lifts country rates, diversifies the visitant mix, and enhances the city’s profile.”

Outlook for Tourism

Looking ahead, Tornivoukas sees challenges:

“2026 volition beryllium difficult. Geopolitical uncertainty successful our vicinity and economical pressures successful Europe’s second-largest economy, France, are cardinal risks. For Greece, the absorption indispensable displacement to higher visitant spend, improved infrastructure, and avoiding strain astatine islands and large cities. Athens and Thessaloniki indispensable besides curb the unchecked maturation of short-term rentals. A hospitality situation would deed the smaller segments hardest.”