Invest Cyprus: Hospitality projects on the island are progressing

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Invest Cyprus sponsored the International Hospitality Investment Forum (IHIF), the premier annual conference for the global hospitality industry, which took place September 1-3 in Berlin.

George Campanellas, CEO of Invest Cyprus, hosted an interactive panel discussion during IHIF with guest speakers Christophe de Bruyn, CEO of THR Innovative Tourism Advisors, and Mattias Innocenti, Director of Development for Southern Europe at ACCOR. The discussion focused on the hospitality investment market in Cyprus and opportunities for investors.

Cyprus is currently home to a large number of large projects in the hospitality industry, including the integrated casino resort City of Dreams Mediterranean with a 600 million marina and the 110 million euro Paralimni Marina. In addition, US hedge fund firm NCH Capital recently invested a further € 180 million in a number of hospitality projects on the island.

At the round table, Campanellas said: “Despite the pandemic, several major projects are progressing on the island. These ongoing projects and future investment plans are a clear sign that the Cyprus tourism industry will recover robustly from the pandemic and show that Cyprus is an island with excellent potential for those investing in the hospitality industry. “

Invest Cyprus has its own unit, TourInvest Cyprus, which focuses on investments in the tourism and hospitality sector, through which investors can access available projects in a range of thematic areas. The newly launched Project Bank Matchmaking Platform, coordinated by TourInvest Cyprus, simplifies the process for interested investors by identifying available investment projects. Current investment opportunities include integrated golf resorts, sports resorts, assisted living and rehabilitation centers, and amusement parks.

Guest speaker Christophe de Bruyn said: “The long-term outlook for Cyprus remains positive. Despite the pandemic, Cyprus is showing clear and strong signs of increasing demand in the tourism sector. “

“A full recovery in pre-Covid numbers is expected by 2023, and with steady growth, visitor numbers could exceed 6 million by 2030,” continued De Bruyn.

THR Innovative Tourism Advisors has worked closely with Invest Cyprus to implement a national tourism investment strategy to attract more foreign direct investment into the sector. THR has worked on 1,100 projects in over 70 countries since 1985.

The IHIF was attended by more than 1,200 participants, including investors and leading hotel chain groups from different countries. International hospitality investment groups and leading hotel brands took part in the round table.

During the three-day forum, high-ranking hospitality experts, CEOs and investors discussed the current challenges and opportunities in the industry after the pandemic and dealt with topics such as hotel financing, new travel trends and new investment rules.

Further information on the International Hospitality Investment Forum can be found at this link: https://www.hospitalityinsights.com/ihif/programme

About Invest Cyprus

Invest Cyprus (Cyprus Investment Promotion Agency) is the Cyprus Government’s investment promotion agency dedicated to attracting and promoting foreign direct investment in the country. Working closely with all government agencies and public institutions as well as the private sector, Invest Cyprus is the country’s leading agent in establishing Cyprus as a premier investment destination

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