“All of our hotels are… top of the line in terms of location and this is what we have sought in the case of our new investment in Athens for the new 5-star unit that we hope to have ready by the end of 2028.”
This was stated in an interview with Mr. Dinos Tornivouskas, head of the northern Greek TOR Hotel Group, which on the birthday of 100 years of presence in the hospitality industry is making the big… descent from Northern Greece to the center of Athens in a new venture that will be ready, barring any contingency and given the demanding licensing procedures, in 2028.
The building at 4 Kolokotronis Street, Anthimou Gazi and Karitsis Street dates back to its construction shortly before World War II, around 1938, hosting until 2015 the services of TSMEDE.
The Descent into Athens
Speaking about the group’s expansion, Dinos Tornivoukas stresses he is not overly concerned about possible approval delays. As he explains, the group is accustomed to navigating demanding procedures, having already developed landmark properties in Thessaloniki such as the 5-star Excelsior (a member of Small Luxury Hotels of the World) and the ON Residence, the only listed beachfront building restored in collaboration with Grivalia.
“With our proven expertise in historic buildings, we enjoy the trust even of the Greek state. We are confident on the approvals front, and estimate three years until the hotel opens—towards late 2028 or early 2029. We’re currently at the architectural proposal stage. The concession has been signed, and we are awaiting handover of the building.”
This summer, e-EFKA approved the long-term lease (30+10 years) of a listed property near the Old Parliament and Stadiou Street to Macedonian Hotels S.A., at a monthly rent of €75,000. The 4,214 sq.m. property spans a basement, ground floor, mezzanine, five upper floors, and a roof terrace. Market sources note the second bid—by a foreign hospitality player—was close at €69,000. The new unit will offer 60–65 rooms.
“In hospitality, location is non-negotiable. That principle has guided us throughout our journey. Athens has long been on our radar, even pre-pandemic, but we were waiting for the right asset—one that would mitigate expansion risk through its positioning. This property, beside the Old Parliament, was exactly that.”
He adds that as a family business, expansion is pursued carefully:
“Tourism is a sensitive sector. A family group should not over-leverage, so our debt is kept at prudent levels. Growth is healthy, never excessive. Unlike larger chains, we rely on long-standing partnerships and loyal clientele built over decades.”
A Century of Hospitality
This year, the Tornivoukas family marks 100 years in hospitality. It began in 1925 when merchant Kotsos Tornivoukas founded the Mediterranee, Thessaloniki’s first luxury hotel, later lost in the 1978 earthquake.
Today, Tor Group operates the Excelsior and City in Thessaloniki, the joint venture ON Residence with Grivalia, and Eagles Palace & Eagles Villas in Halkidiki.
The group’s 2025 turnover is projected at €25m (up from €22.5m in 2024). Occupancy at the Eagles resorts exceeds 90% with revenues up 20%. In Thessaloniki, City has just completed a renovation, ON Residence is up 15% year-on-year, and the Excelsior continues with stable growth. At ON Residence, about half the guests are Greek, with the rest split among road-tourism markets (Balkans, Turkey), Cyprus, Israel, and Western Europe. Average occupancy exceeds 80%. The property’s Michelin “key” distinction further boosted recognition, making it the only hotel in Northern Greece with such an award.
Thessaloniki vs. Athens
Commenting on the group’s Athens entry, Tornivoukas reflects on the gap between the two cities:
“Thessaloniki had fallen behind, lacking the momentum Athens has built in recent years. Progress is visible—better promotion, municipal initiatives—but the ground lost cannot be recovered overnight. Prices reflect that: 5-star hotels average €150 per night here, compared to €350 in Athens.”
Direct air links remain limited, mostly seasonal, hindering connectivity. Long-standing issues, such as the International Fair site, are only now being addressed.
On new international brands entering Thessaloniki, he is positive:
“Competition is healthy. It lifts room rates, diversifies the visitor mix, and enhances the city’s profile.”
Outlook for Tourism
Looking ahead, Tornivoukas sees challenges:
“2026 will be difficult. Geopolitical uncertainty in our neighborhood and economic pressures in Europe’s second-largest economy, France, are key risks. For Greece, the focus must shift to higher visitor spend, improved infrastructure, and avoiding strain at islands and major cities. Athens and Thessaloniki must also curb the unchecked growth of short-term rentals. A hospitality crisis would hit the smaller segments hardest.”
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