Israeli group invests in two Cyprus hotels

Israeli hotel group Fattal is set to acquire the Limassol Grand Resort and recently acquired the Latsi Holiday Village Resort, the group announced on Monday.

This will extend the company’s footprint in the country to nine hotels in Paphos, Larnaca, Protaras, and Limassol.

The latest investment has been the acquisition of the flagship five-star hotel in Limassol, for which there are plans to undergo major renovations and to be included in the Leonardo Hotels Limited Edition brand.

Also, the company has acquired Elias Latsi Holiday Village Resort, which will soon be completely renovated and renamed Leonardo Club Family Resort.

The group has also just opened a new hotel in Limassol under the NYX brand, while another NYX hotel is expected to also be completed in Nicosia.

Managing Director of the Mediterranean region Ron Aloni said the company, that employs 1,200 people locally, “is proud to be further expanding in this island. Our priority right now is to finalise our procedures regarding the newly acquired hotels, complete working on its investments and then exploit new investment opportunities on the island.”

Commenting on the expansion of the company’s activities in Cyprus, Aloni said that he is very satisfied with the local business and investment environment as well as the return on their investments.

He added that Cyprus is an ideal destination for investments and has many advantages for those who intend to make serious expansions.

CEO of Invest Cyprus Marios Tannousis welcomed the expansion of Fattal’s activities in Cyprus and said: “The investment decisions of leading hotel groups and international investors to expand their plans into the local market is clearly a vote of confidence to the island’s tourism and hospitality potential. As the investment authority of the government, we will continue to support and facilitate foreign direct investment in the key sectors of the economy, in line with our government’s vision and strategy.”