The occupancy of hotels in July was between 80%-85%, with better results expected for August when occupancy rates could reach 90%.
Head of the Cyprus Hotels Association (PASYXE) Thanos Michaelides told the Cyprus News Agency there are positive signs for August for domestic tourism, while September is deemed “satisfactory”.
Michaelides said there are last-minute bookings as well to factor in.
He said revenues were satisfactory compared to last year, despite the losses from the Russian market because of the Ukraine war.
But he argued that rising interest rates have led to reduced hotel profitability despite the improved business environment.
He said that the pandemic brought about a lot of negative effects, adding that the profitability must be preserved so that hotel units can make investments.
Michaelides also said issues were caused due to Cyprus’ poor connectivity, such as expensive air tickets.
He said money is needed to remain competitive and upgrade tourism products and services.