Renovation of the Grand Resort in Limassol begins in November
Of Maria Herakleous
The facelift is proceeding at the Elias Latsi Holiday Village Resort, following the recent positive opinion of the Environmental Authority. The new tourist accommodation will be called Leonardo Club Family Resort and will have a capacity of 272 beds. This is an investment that exceeds 30 million euros – around 16 million is estimated for the purchase cost of the piece and around 20.5 million for the cost of renovating and creating new facilities. This particular investment comes from the company Leonardo Hotels Cyprus, of the Israeli group Fattal. This is the last acquisition of this group in Cyprus, together with the Grand Resort hotel in Limassol. According to the company's project manager Michalis Mourouzidis, Leonardo Hotels Cyprus has so far nine hotel units in its portfolio and, according to calculations, has invested more than 300 million euros in the tourism sector of Cyprus. From the portfolio there are two cases that differ from the rest. The first is the unit in Protaras, of which the company has only taken over its management. The second is the investment in the center of Nicosia, the NYX Nicosia, which, while it was planned for 2023, seems to have been shelved until further notice. At the same time, the company has turned its attention to investments in accommodation in coastal tourist areas, increasing the number of investments made by Israeli investors in this field. It is recalled that in addition to the Fattal group, other Israeli investors are turning a blind eye to the tourism sector in Cyprus, such as the recent example of the Palm Beach hotel on the Larnaca – Dekelia road and the luxury apartment complex in the Mackenzie area, also in Larnaca. In both of these cases it appears that these are investors of Israeli origin. However, the biggest investment so far comes from the Fattal group, which started building its portfolio on the island in 2017, specifically in the Paphos area, while within the next three years it aspires to complete the renovation of the other two newly acquired units. in Limassol and Latsi.
140 million in Paphos
The company has been active in Cyprus since April 2017, with the acquisition of the Cypria Maris, Cypria Bay and the Laura beach hotel in Paphos, with the initial investment estimated at around 80 million euros. Afterwards, he proceeded with renovations and an increase in the number of rooms, with the cost of the expansion estimated at 35 million euros. The purchase of the piece of land and the renovation of the unit in Latsi, Paphos district, raises the cost of the investment in Paphos to around 140 million euros (as has been reported, the cost of purchasing the piece is calculated at 16 million euros and at 20, 5 million for the facelift and new facilities).
The investment in Limassol
In 2018, the company proceeded to purchase the block where NYX Limassol currently operates. The specific investment is estimated at 34 million euros, of which 25 related to the construction of the unit, and 9 to the purchase of the land. The group's latest addition to Limassol is the five-star Grand Resort, which will be renovated and presented refreshed to the tourist public in the summer season of 2025. The renovation process will take place in two phases. According to Mr Mourouzidis, the 1st phase will start in November and will be completed by the start of the summer season 2024. The 2nd phase will take place in the autumn of 2024 and will be completed in the summer of 2025. In total the cost of the facelift will amount to around to 20 million euros. After the renovation, it is expected that the hotel will be included in the Leonardo Hotels Limited Edition brand. The group's investments include the purchase and renovation of the former Samirana boutique hotel in Larnaca, which has been operating for the last year under the brand name of the Israeli brand, as well as the management of Leonardo Crystal Cove in Protaras. It is also important that the company focuses on offering tourist services all year round and not only during the summer season.
NYX Nicosia pending
In the drawer – until further notice – it seems that the case of NYX Nicosia remains. The information indicates that the work on the construction of the new unit may start in 2024, however there is no official decision. This is a unit that was originally supposed to be operational in 2021. Due to the pandemic, the plans changed and they wanted to start operations in 2022 and open the hotel in March 2023. However, the procedures have not progressed and it does not seem to be that at the moment the company's priorities move forward. It is recalled that the total investment for NYX in Makariou is estimated at 30 million euros – of which 6.7 million concern the purchase of the block. Based on previous planning, it would be a 14-story unit with a capacity of 198 rooms. It is a fact that the operation of a hotel unit, even at a later date, will give a significant boost and stimulate the traffic in the center of Nicosia – and not only – since it is also a fact that the capital lags behind in the number of quality tourist accommodation compared to other areas. In the meantime, the company is also turning a blind eye to Greece. NYX Athens is already operating, work is underway for NYX Thessaloniki which will be completed around the end of 2024, while adding new units in Nafplion and Rhodes.
The hotel in Latsi
Yesterday the approval of the Environmental Authority for the Leonardo Club in Latsi was published. This is the construction of a building consisting of organized apartments – 272 beds, with common areas. In total, the development will consist of 18 sections, 11 of which will be for tourist use, five for public use, one control point and the other is a sports area with an underground supporting area, in the Municipality of Polios Chrysochous. According to the architects of the project, a total coverage area of 6,477.55 m2 and a total building area of 7,750 m2 are proposed. A total of 136 rooms will be offered, of which 11 will be for the disabled. Each room is expected to contain 2 beds and in total the proposed development will be able to accommodate 272 guests. A restaurant, a pool bar, a snack bar and an ice cream parlor will operate on the premises of the development. There will also be retail and office facilities, a gym, games area and storage space. In total it will have 12 swimming pools (children's pool and spa pool). For the needs of the building, it is proposed to create 215 parking spaces, of which 9 are for the disabled. In addition, the architects propose the construction of 12 bicycle parking spaces, as well as parking spaces for taxis and buses. According to the project researchers, for energy saving purposes, the building shell will be covered with a thermal facade and photovoltaic panels will be installed on all the roofs of the buildings. Heat-insulating aluminum frames and double glazing will also be used. The project is expected to be Energy Class A.