New major expansion plans in Cyprus by the leading Israeli Fattal Hotel Group
Expanding its footprint in the country with the 9 hotels in Paphos, Larnaca, Protaras and Limassol
New major investment plans are currently on the way by the largest hospitality organization in Israel and one of the fastest growing hotel groups – with 270 hotels in 117destinations in Israel, Europe and UK and now looking to further expand its portfolio in Cyprus.
The company currently owns 9 hotel units in Paphos, Larnaca, Protaras and Limassol.
The latest investment has been the acquisition of a flagship 5* hotel in Limassol, the GrandResort Limassol for which there are plans to undergo major renovations and to be included in the Leonardo Hotels Limited Edition brand.
Also, the company has acquired Elias Latsi Holiday Village Resort, which will soon be completely renovated and renamed into Leonardo Club Family Resort. The Group has also just opened a new hotel in Limassol under the NYX brand, while another NYX hotel is expected to also be completed in Nicosia.
Mr. Ron Aloni, the Managing Director of the Mediterranean region, stated that: “The company employs 1200 people locally and is proud to be further expanding in this island. Our priority right now is to finalize our procedures regarding the newly acquired hotels, complete working on its investments and then exploit new investment opportunities on the island.”
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 collaborate in long-term goals, such as taxation, sustainability, support of the market and incentives to attract more investments.
The Managing Director of Fattal Groups Ron Aloni, commenting on the expansion of the company’s activities in Cyprus, said that he is very satisfied with the local business and investment environment as well as the return on their investments. “Cyprus”, he added, “is an ideal destination for investments that has many advantages for those who intend to make serious expansions.”
On his part, the CEO of Invest Cyprus, Mr. Marios Tannousis welcomed the expansion of Fattal Group’s activities in Cyprus and said that: “The investment decisions of leading hotel groups and international investors to expand their plans into the local market is clearly a vote of confidence to the island’s tourism and hospitality potential. As the investment authority of the Government, we will continue to support and facilitate foreign direct investment in the key sectors of the economy, in line with our Government’ s vision and strategy”.