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Abstract
This article investigates recent trends in tourism firms' location decisions in Greece in relation to the state policy on tourism investment incentives as well as specific factors concerning regional inherent and created resources. By means of an ordinal regression analysis, we set up a spatial model of private investments in tourism accommodation at the prefectural level (NUTS III) for the period from 1991 to 1998. The actual influence of the individual factors varies considerably. Prefectures with limited natural coastal resources, inadequate transportation infrastructure and low expertise may be less capable of attracting new tourism investments. However, their inability is partly due to the general focus of the country to mass recreational tourism. Planning and applying a more effective regional tourism policy should involve specifying the objectives of the tourism sector as well as identifying the critical regional factors that are favourable and unfavourable towards achieving those objectives.