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Radisson announces second property, and serviced apartments in Larnaca

Radisson invests in Cyprus

The Radisson Hotel Group is to open a string of new properties in Cyprus, according to a press release published on Friday. 

The planned Radisson Beach Resort Larnaca will offer an additional 202 keys and will be the city’s first internationally branded resort when it opens this summer. Construction is also starting “in the coming months” on the island’s first branded serviced apartments product, also under the Radisson Blu brand. In addition, the recently signed strategic partnership with Sunnyseeker Hotels and Quality Group will mark the group’s entry into Nicosia with a 271-key property that “will change the skyline of the city” when it opens in 2024, the release noted. 

The project is part of a plan by the group to “triple” its serviced apartments portfolio in EMEA to address new demand for “safe” holidays and to build on the resilient extended stay hospitality model, according to Elie Milky, vice president of Development for Radisson Hotel Group for the Middle East, Pakistan, Cyprus and Greece.

Milky described a global trend towards the use of serviced apartments and said the group was responding to new demand from guests “who are looking to travel again, but in a safe and physically distanced manner” in the wake of the Covid-19 pandemic.  

“With only 1 per cent of the 500 hotels on the island under an international brand, we identified this as an opening to penetrate the market with the right partners. The pandemic and resulting economic climate have also made independent hotel owners more open to branding opportunities given the strict cleaning and prevention standards that guests are looking for, and the opportunity to access more markets and international guests.” 

He added: “What sets Cyprus apart as a successful tourism destination is stability, opportunity, and location. The Cypriot government also strongly supported the process of developing the post-2015 sustainable development agenda and has repeatedly expressed its commitment to the implementation of the Sustainable Development Goals (SDGs), which makes the island an even more attractive destination for tourism and investment.” 

Stephanie Panayi, head of Strategic Projects at InvestCyprus, which is working on a national strategy to turn Cyprus into a leading tourism and hospitality investment destination, said:  

“Over the recent years, we have seen a rise in the flow of international hotel brands entering the Cyprus market. We are pleased to see that world-renowned hotel chains as Radisson has recognised the opportunities available in the country and has chosen Cyprus to expand its footprint. The Cyprus hospitality market is gaining momentum and we are pleased to see that the interest among internationally branded hotels remains high”

InvestCyprus has introduced a one-stop shop for investment funds, private equity and family offices.

“This is to support the landing of high value investments into projects that align with key government strategies for sectors such as healthcare, tourism and hospitality, education, technology and infrastructure projects.”

Radisson Hotel Group already has five hotels, resorts, and serviced apartments with over 800 keys in operation and under development across Cyprus, making it the largest international hotel group on the island. 

Milky said that the pandemic had boosted the trend towards serviced apartments.“Even before the pandemic, serviced apartments made up 10% of our EMEA portfolio with 45 properties and more than 5,400 keys in operation and under development. This has been further strengthened with additional announcements for new serviced apartments properties in Amsterdam, Paris, Larnaca, Nicosia and elsewhere. Our group plans to almost triple our serviced apartments portfolio within the next five years.” 

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