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Cyprus

Another luxury project for Larnaca

By Annette Chrysostomou
Larnaca is to acquire yet another new luxury hotel, this one financed by an Iranian multimillionaire.
The project is one of several others also involving considerable foreign investment.
A Radisson Blu hotel and residence franchise is already set to open in 2017 near the port offering 105 guest rooms and serviced apartments. Construction is already underway.
Meanwhile, Russian investors are behind a €80 million luxury hotel complex at the Phinikoudes beach front with construction expected to start towards the end of 2015. Part of the money will be used to upgrade the Phinikoudes promenade.
The latest project, the Iranian-backed hotel, will be located on a plot of land 50 metres south of Ayios Lazaros church. The land reportedly cost €1 million, with construction costs estimated at around €5 million and equipment at €2 million.
The Larnaca town council has already approved the building of all the hotels.
“We welcome the development,” Andreas Louroudjiatis, mayor of Larnaca, said yesterday. “The reason that this is happening is that we actively promote the development of Larnaca into a modern European city and thus Larnaca has a competitive advantage. Also, we have concentrated on a niche market, the niche market of athletic tourism.”
Louroudjiatis mentioned as examples that Larnaca has recently been the host of two world beach championships, an open water swimming marathon and the Cyprus rally also started and finished in the city.
The mayor said investors are always on the lookout for opportunities and have now discovered Larnaca.
The plans for the Iranian venture have been designed by the local architectural office of Sotiris Agapiou.
“The plans are ready,” Marios Karitis from the architectural office confirmed.
The architects are now starting to look for building contractors as the investors are eager to begin construction as soon as possible.
The complex will have three floors and 41 luxury rooms. All the services of a luxury hotel are going to be in the basement, including an indoor swimming pool. Outdoor facilities will include a terrace tavern, a roof garden bar and a swimming pool.

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