Acquires the five-star hotel GrandResort in Limassol
The Israeli group in the field of hospitality, Fattal Hotel Group, further expands its presence in Cyprus, with the acquisition of the five-star hotel in Limassol, GrandResort.
As stated in the announcement of Invest Cyprus, the Israeli group has already acquired nine hotel units on the island, in Paphos, Larnaca, Protaras and Limassol.
The group's new investment in Cyprus concerns the acquisition of the five-star GrandResort hotel in Limassol, which is scheduled to undergo an extensive renovation and will be included in the Leonardo Hotels Limited Edition brand.
The group has also acquired Elias Latsi Holiday Village Resort, which will soon be completely renovated and renamed Leonardo Club Family Resort. At the same time, as reported, the group has just opened a new hotel in Limassol under the NYX brand, while another hotel under the said brand is expected to be completed in Nicosia.
In his statement, Ron Aloni , CEO of Fattal, said the company employs 1,200 people in Cyprus “and is proud to expand further on the island”.
“Our priority now is to complete the procedures regarding the newly acquired hotels, to complete the work on their investments and then to take advantage of new investment opportunities on the island”, he added.
As mentioned, as a leading hotel group in Cyprus today, the company believes in the future of tourism in Cyprus and considers it necessary for the government and the private sector to work together on long-term goals, such as taxation, sustainability, market support and incentives to attract more investment.
< p>The CEO of Fattal also added that he is very satisfied with the domestic business and investment environment, as well as with the performance of the company's investments on the island.
Cyprus, he added, “is an ideal destination for investment, which has many advantages for those interested in making serious expansions”.
For his part, the CEO of Invest Cyprus, Marios Tanousis, welcomed the expansion of Fattal Group's activities in Cyprus and added: The investment decisions of leading hotel groups and international investors to expand their plans in the local market is clearly a vote of confidence on the prospects in the tourism and hospitality sector in Cyprus.
“As the investment authority of the government, we will continue to support and facilitate foreign direct investment in important sectors of the economy, based on both the vision and of the government's strategy,” he concluded.
According to the announcement, Fatal Group is considered the largest group in Israel in the hospitality sector and one of the fastest growing hotel groups with 270 hotel units in 117 destinations in Israel, Europe and the United Kingdom.
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