Investor Balram Chainrai has recently acquired a controlling stake in the company that owns the Rodon Hotel in Agros.

The transaction, which was finalised on March 6, 2025, saw Chainrai secure 87.82 per cent of the issued share capital of the company at a price of €3.00 per share. The agreement had first been announced in December 2024.

The company, Proodos Public Ltd, which owns and operates the Rodon Hotel, confirmed the completion of the public takeover in its latest financial disclosures.

Its full-year results for 2024 reflect a decline in both income and profitability.

According to the management report, total revenues for the year ending December 31, 2024, amounted to €3.87 million, down from €4.19 million in 2023.

Pre-tax profits fell to €567,120 from €722,425 the previous year, a drop largely attributed to the lower revenue base.

The company noted that the decline in income was primarily the result of reduced overnight stays and lower occupancy rates at the Rodon Hotel during the first half of 2024 when compared with the same period in 2023.

Geopolitical instability in the Middle East was cited as a factor negatively affecting bookings and overall hospitality sector performance during the year.

“Profitability before tax was down compared to 2023 due mainly to the reduction in income,” the company explained in the management report.

The Rodon Hotel, considered the company’s most important asset, experienced lower demand in the first six months of 2024, impacting total revenue figures.

The company further indicated that a continuation of adverse external factors, particularly geopolitical developments in the region, could see similar performance trends extend into 2025.

“If the negative effects on the economic and operating environment caused by geopolitical developments persist through 2025, the company’s position is not expected to differ significantly from that of 2024,” the report stated.

However, not all indicators were negative. The company said interest expenses declined significantly due to a reduction in borrowing and a slight drop in floating interest rates.