Invest Cyprus: Hospitality projects forge ahead on the island

Invest Cyprus sponsored The International Hospitality Investment Forum (IHIF), the leading annual conference for the global hotel industry which was hosted in Berlin from 1^st – 3^rd September.

George Campanellas, CEO of Invest Cyprus hosted an interactive roundtable discussion during the IHIF with guest speakers Christophe de Bruyn, CEO of THR Innovative Tourism Advisors, and Mattias Innocenti, Director of Development for Southern Europe at ACCOR. The discussion focused on the hospitality investment market in Cyprus and opportunities for investors.

Cyprus is currently host to a variety of large-scale projects in the hospitality sector, including the €600 million integrated casino resort City of Dreams Mediterranean, the €300 million Ayia Napa Marina, a €1.2 billion investment for the redevelopment of Larnaka port and Marina, as well as the €110 million Paralimni Marina. Additionally, US hedge fund firm, NCH Capital has recently invested a further €180 million for a number of hospitality projects on the island.

Speaking at the roundtable, Campanellas said: “Despite the pandemic, several large-scale projects on the island are forging ahead. These ongoing projects and future investment plans are a clear sign that the tourism industry in Cyprus is set to make a robust recovery from the pandemic and will show that Cyprus is an island with excellent potential for those investing in the hospitality sector.”

Invest Cyprus has a dedicated unit, TourInvest Cyprus, focusing on investments in the tourism and hospitality sector, through which investors can access available projects in a number of thematic areas. The newly launched Project Bank Matchmaking Platform, coordinated by TourInvest Cyprus, simplifies the process for interested investors by identifying available investment projects. Current investment opportunities include  integrated golf resorts,  sports resorts, assisted living and rehabilitation centres and amusement parks.

Guest speaker, Christophe de Bruyn said: “Long-term prospects remain positive for Cyprus. Despite the pandemic, Cyprus shows clear and strong evidence of increasing demand in the tourism sector.”

‘A full recovery of pre-Covid numbers is expected by 2023, and with stable growth, visitor numbers could surpass 6m by 2030”,  De Bruyn continued.

THR Innovative Tourism Advisors has worked closely with Invest Cyprus to implement a national tourism investment strategy to attract more FDI in the sector. THR has previously worked on 1,100 projects in over 70 countries since 1985.

The IHIF was attended by more than 1,200 attendees including investors and leading hotel chain groups from various countries. The roundtable was attended by international hospitality investment groups and leading hotel brands.

During the 3-day forum, senior hospitality experts, CEOs and investors discussed the current challenges and opportunities facing the sector in the aftermath of the pandemic, covering topics such as hotel financing, new travel trends and new investment rules.

More information about The International Hospitality Investment Forum can be found from at this link: https://www.hospitalityinsights.com/ihif/programme

About Invest Cyprus

Invest Cyprus (Cyprus Investment Promotion Agency) is the investment promotion agency of the Government of Cyprus, dedicated to attracting and facilitating foreign direct investment into the country. In close collaboration with all governmental authorities and public institutions, as well as the private sector, Invest Cyprus is the country’s lead agent in establishing Cyprus as a world-class investment destination