The study is conducted for 2007, which was selected because it is the last year before the economic crisis in Greece and other Eurozone countries that began in 2008. According to the
objectives of this paper, every hotel of the country that keeps tax books of category C is
included in the sample. The selection of financial statements took place by random
stratification sampling in which approximately three hotels from every prefecture of the
country were selected. The sample selected included 146 privately owned hotels from the
entire Greek territory, which by category segmentation are: 30 five-star hotels, 29 four-star,
51 three-star and 36 two-star hotels.