Although strategic planning procedures have been widely adopted, their dimensions, roles and impact to the effectiveness of the overall organization are still under dispute. In this respect, the aim of this paper is to provide insights about the use of strategic planning and the level of understanding of its dimensions by the managers in the Greek hospitality industry. Furthermore, there is an effort to examine the organizational benefits accruing in the hospitality industry. The study involves a questionnaire-based survey of general managers from the five-star hotels operating in Greece.