Horwath HTL opens Greece office to cater for growing tourism industry

08 May 2019 Consultancy.eu 3 min. read

Horwath HTL, a consultancy for the tourism and hospitality industry, has opened an operation in Greece, its 18th in Europe. 

The move aims, according to Xenofon Petropoulos, Country Director of Horwath HTL Greece, to cater to the increased interest in Greece’s hotel, tourism and leisure industry. In particular the first two segments of the industry play a key role in the Greek economy – data from the World Travel & Tourism Council (WTTC) shows that in 2017, the total contribution of travel and tourism to Greece's GDP amounted to €35 billion, which represents 20% of the country’s gross domestic product (GDP). This places Greece 25th globally in terms of direct contribution to GDP. 

“Right now there is a strong interest from investors who want to come to the country and who are exploring opportunities and ideal destinations to invest in,” Petropoulos said. Interest is set to stay strong in the coming years, with travel and tourism income forecast to rise by nearly 4% per annum to approximately €53 billion in 2028.

Asked how Horwath HTL aims to differentiate itself in a crowded but scattered consulting market, Petropoulos pointed to the firm’s specialisation. “What makes Horwath HTL stand out is the fact that its focus is exclusively on the tourism and hospitality industry and does not offer services to other sectors. Globally our network has successfully completed over 20,000 projects and is the number one choice for companies and financial institutions looking to invest and develop in the tourism industry.”Horwath HTL opens Greece office to cater growing tourism industryCharilaos Faltseta, who leads SOL Crowe’s local consulting service line, added; “Understanding the contribution of Greek tourism to the country’s GDP, we are the only consulting company that has created a specialised team for tourism projects.”

The launch of the Horwath HTL in Greece builds on an already existing track record locally – SOL Crowe launched operations in 2002 and has since completed several engagements in the tourism, hospitality and leisure industry. The consulting firm for instance crafted a business and marketing plan for a new five-star hotel in the Peloponnese, helped investment groups with opening tourism units in Crete and in Halkidiki, and helped a pan-European group with implementing hospitality projects in Greek destinations such as Corfu, Kos, and Rhodes.

Horwath HTL’s Greek arm will initially focus on supporting the viable and profitable growth of hotel businesses in Greece. The firm’s offerings cover hotel planning and development, including feasibility studies, financial control, and hotel asset management. The firm’s consultants also support valuations during market entry or merger & acquisition engagements, and help with operational excellence, marketing & sales and innovation in products and services. 

Horwath HTL Greece operates under the banner of SOL Crowe, one of Greece’s larger accounting firms and a member of Crowe Global, the eighth largest accounting network in the world. The firm’s other European offices are based in among other countries Croatia, Cyprus, France, Germany, Hungary, Ireland, Italy, the Netherlands, Poland, Portugal, Spain, Switzerland, Turkey and the United Kingdom.