Once-neglected, Larnaca is attracting new investments in tourism development with another upscale hotel project destined on the seafront near the airport.
S & H Parayialia Estates Ltd announced plans to build a four-star hotel near Larnaca’s salt lake on the Dromolaxia Meneou road.
Construction on the €15 mln project will begin in October next year, with the four-star hotel set to welcome its first guest in April 2024.
The Parayialia Hotel resort will have a capacity of 196 rooms and includes reception areas and offices, main and auxiliary dining areas, kitchens, bars, gym, laundry and linen, rooms, gardens, parking, and pool areas.
It is situated 2 km from Larnaca International Airport, bordering the salt lake, declared by the European Union as a Site of Community Importance and a Special Conservation Zone.
The announcement follows the removal of fuel and gas storage tanks on the other side of Larnaca’s coastal front.
The largest property owner on the Dhekelia coastal front, Petrolina, is ready to explore project development such as holiday homes or a hotel.
Recently, Petrolina Holdings set up a subsidiary company named Petrolina Bayfront, acquiring three plots from ExxonMobil on the Larnaca-Dhekelia road.
After dismantling their fuel tanks, Petronlina acquired ExxonMobil’s properties through a €29 mln deal, which they plan to incorporate in their bayfront property development.
The news was confirmed to the Financial Mirror by a Petrolina Holdings’ senior representative: “PHL estimates that its investment through Petrolina Bayfront Ltd will contribute significantly to its effort to diversify and pursue operations in property development”.
With the participation of the local authorities, PHL has contracted renowned international firm Arup to design a concept area plan to serve as a guideline for sustainable land development of the area.
This plan also includes the land owned by PHL and the Lefkaritis Group of Companies.
Earlier in the summer, TUI rebranded the refurbished Robinson club resort in Alaminos, Larnaca, formerly the Aldiana, welcoming its first tourists from Germany in mid-June.
The Radisson Hotel Group has signed a deal with Larnaca’s Quality Group and SunnySeeker Hotels to have six branded hotels in Cyprus after the first one opened in Larnaca.
The five-star Radisson Blu Hotel opened its doors in August 2018.
A second hotel, the Radisson Beach Resort Larnaca – a global first – is nearing completion on Dhekelia road.