Eureka! Institutional Repository

In this thesis, the innovation of financing is explored within the Greek hotel industry, which constitutes an important sector in Greece's economy domain. This research gives an in-depth analysis of traditional and innovative financing models which have underpinned industry growth and development against this backdrop of economic austerity and evolving market conditions. Results indicate that while traditional financing by bank loans still predominates, there is a clear trend for use of alternative funding sources including crowdfunding, strategic partnerships and corporate innovation funds. As stated earlier, government policies, economic stability, technological changes and leadership have an influencer role for financing decisions demonstrated in this study. Finally, it has been inferred from this compendium that issues of sustainability are gaining prominence and witnessing integration of various aspects towards financing strategies. However, the industry is regulated and faces both market volatility and technology risks and cultural barriers which are a hindrance in embracing innovative financing models. The thesis concludes with strategic recommendations for the hoteliers putting emphasis on the need of a proactive orientation on innovation in financing to harness growth opportunities and recommends policy reforms to facilitate this transition. This further explores the implications for stakeholders, such as financial institutions, government bodies, and hotel management, which set the path for future research and industry practice.