The Cyprus Tourism Organisation (CTO) has in its hands 30 applications for extensions or renovations of hotels. Specifically, there are 13 applications for Protaras and 17 in Ayia Napa.

The hoteliers estimate that over half a billion euros have been invested in the past years to upgrade and renovate the hotels mostly in Protaras, Ayia Napa, and Paphos. The funds were secured by the hoteliers either through their own funds either through investors, while in some cases travel organisers who cooperate with specific hotels funded them in order to expand.

Some hoteliers appear to have taken advantage of the European funding from the 2007-2013 period. Meanwhile, the CTO is expected to soon announce a plan of incentives to upgrade the hotels between 2014-2020 after getting approval from the Ministers’ Cabinet.

It is worth noting that the Famagusta District in the Republic of Cyprus hosts approximately one third of all hotel bedrooms in the country, and an even larger percentage of hotel apartments.

Ayia Napa and Protaras host approximately 33% of total arrivals in Cyprus every year, in spite of the fact that most hotels operate in the tourist season for a period of 7-8 months.

Six new hotels

Meanwhile, according to the CTO, there are six applications for new hotels which will be constructed in beachside areas.

A three-star hotel will be constructed in Polis Chrysochous by the company Smart Bright Trade Investment Ltd, while in Kato Paphos a four-star hotel will be constructed by Somertown Trading Ltd. In addition, in Limassol a luxury hotel complex is being constructed in the Amathounta area by Stademos Hotels.

In Protaras, near the Vrissaki hotel, a three star hotel is being built by the company Evi Tsiolaki & others. On Kryo Nero Avenue in Ayia Napa, a three-star hotel is in the process of securing permits, while in Sotira, a five-star hotel is in the works. It is the Sun City Spa Resort & Residences, which belongs to the Giovani Group, with Chinese interests participating in the funding.

Source: InCyprus