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Cyprus: New 5-star hotels will boost luxury tourism

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New 5-star hotels in the Limassol and Famagusta districts will pave the way for an 18% rise in the number of available beds throughout Cyprus, according to a KPMG Cyprus report.

 

Four new super luxury hotels will add a total of 2,590 beds within four years, in the tourism industry of Cyprus.  The new hotels will be in Limassol and Famagusta and will pave the way for an 18% rise in the number of available beds throughout Cyprus, according to a KPMG Cyprus report.

Construction of the Chrysomare Beach Hotel in Ayia Napa will add 640 beds and the Sun City Resort in Famagusta 460 extra beds before the year’s end. And in 2022, Sofitel Cyprus Limassol will add another 490. In addition, construction of the City of Dreams Mediterranean casino in Limassol will add 1000 new beds and is expected to be completed in 2021.

The consortium, leading the development of the casino resort, anticipates that such development will attract an additional 300.000 of inbound tourists annually. The average length of stay for star hotels (5,2 days) and room occupancy factor (2,03) remains at 2018 levels.

As for upcoming hotel developments, a 59% rise in rooms per city and potential increase (star hotels) is anticipated in Nicosia, 26% in Limassol, 34% in Larnaca, 16% in Famagusta district and 8% in Paphos. In addition to luxury hotels, golfs and marinas are some of the touristic developments that are aiming to attract high-end tourism and as a result, upgrade the touristic product of the island.

Over the last few years these developments have been in the spotlight, with announced upcoming developments, not all of which materialising yet. Four new marinas to be developed in Cyprus are expected to greatly increase the island’s nautical tourism capacity while doubling the number of available berths.

The Ayia Napa Marina with an estimated investment of €220 million, is currently under construction and expected to be fully completed in 2021. Multiple multi-million developments are in the planning stage including the Paralimni, Paphos and new Larnaca marinas, expected to exceed €1 billion in total investments.

All future proposed marinas as well as the relatively recently completed Limassol marina are part of multifaceted tourism developments which include hotels, apartments, villas and other leisure establishments. These diversified offerings are expected to increase the island’s tourism capacity, while contributing to the enrichment of the island’s tourism product, according to the KPMG report.

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