Cyprus Business Now

The Hotel Summit & Exhibition is set to mark its 45th edition on February 23, 2024, at the City of Dreams Mediterranean hotel in Limassol.

The conference brings together industry leaders, hotel owners, executives, and professionals to delve into the latest trends and critical success factors influencing the ever-evolving hospitality sector.

The event serves as a platform for participants to gain insights into the key trends shaping the future of the hotel and hospitality industry.

Against the backdrop of an unpredictable environment, the conference aims to equip hotels with the essential strategies needed not only to survive but to thrive.

“In a world where crises have become the new normal, predicting and planning around the future of the hospitality industry is proving increasingly difficult,” the event’s organisers said.

They continued by asking that “as travel transitions from leisure to bleisure (a portmanteau of business and leisure), as more and more people adopt the lifestyle of digital nomads, as sustainability becomes not just an option but an expectation and disruptive technology shakes the foundations of the industry, how do hotels position themselves to remain competitive?”

President Nikos Christodoulides on Wednesday revealed the extension of government subsidies on electricity and fuel tax into spring as part of measures to alleviate the cost-of-living crisis.

The electricity subsidy, applicable to residential, commercial, and industrial consumers, will last until April 30, with a variable rate based on consumption. Vulnerable consumers receive a 100 per cent subsidy.

The fuel tax subsidy, reducing tax on fuel by 8.33 cents per litre, will now expire on March 31.

Cash support measures include €250 per child for single parents and increased subsidies for internally displaced persons for mortgages, home repairs, and student maintenance costs.

The government also eliminated the €350 annual company levy.

Despite concerns raised by the Association of Cyprus Tourist Enterprises (Stek) regarding a projected reduction of 550,000 seats in 2024 compared to the previous year, Deputy Minister of Tourism Kostas Koumis denied that tourist arrivals would fall short by such a significant number. 

Koumis acknowledged the challenges, including the loss of the Israeli market and the global aviation crisis, but assured that measures had been taken to minimise losses.

He emphasised ongoing communications with airlines to boost flight schedules and mitigate the impact on Cyprus’ tourism sector.

In January 2024, Cyprus experienced a year-on-year decrease in tourist arrivals for the first time since March 2021.

The Cyprus Stock Exchange (CSE) ended Wednesday, February 21 with losses.

The general Cyprus Stock Market Index was at 141.84 points at 13:13 during the day, reflecting a decrease of 0.23 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 86.16 points, representing a drop of 0.21 per cent.

The total value of transactions came up to €300,996.

In terms of the sub-indexes, the main, investment firm and hotel indexes fell by 0.39 per cent, 0.56 per cent and 1.34 per cent respectively. The alternative index rose by 0.23 per cent.

The biggest investment interest was attracted by the Bank of Cyprus (-1.13 per cent), Hellenic Bank (+0.43 per cent), Salamis Tours (+0.56 per cent), Demetra (-0.57 per cent), and Lordos Hotels (-2.41 per cent).