Lighthouse Quick Takes - Average booking lead time hides 3 hotel guest segments

Santorini and Mykonos sit in the same Cyclades archipelago, but their 2026 pricing trends have pulled sharply apart. Santorini hotel rates are up 35% in May and 31% in June year over year, with July advertised pricing up 16%. Mykonos hotel rates are down 3% in May, 8% in June, and 9% in July on the same basis.

In this Lighthouse Quick Take, Blake Reiter examines what short-term rental data reveals about the split. Mykonos short-term rental gross ADR is growing and now runs more than double Mykonos hotel pricing, while Santorini hotels have overtaken short-term rentals on rate for the first time. The pattern points to a shift in traveler behavior rather than weaker overall demand, with direct implications for how hoteliers in each market think about pricing power.