New major investment plans in Cyprus are underway by the largest hospitality organisation in Israel and one of the fastest-growing hotel groups – with 270 hotels in 117 destinations.
It is now further expanding its portfolio in Cyprus.
The company owns nine hotel units in Paphos, Larnaca, Protaras and Limassol.
The latest investment has been the acquisition of a flagship 5-star hotel, the Grand Resort 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 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 be completed in Nicosia.
Ron Aloni, the Managing Director of the Mediterranean region, stated: “The company employs 1200 people locally and is proud to be further expanding on this island.
“Our priority right now is to finalise 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, the company believes in the future of Cypriot tourism. It considers it necessary for the government and the private sector to collaborate on long-term goals, such as taxation, sustainability, support of the market and incentives to attract more investments.
Aloni said that he is very satisfied with the local business and investment environment and the return on their investments.
“Cyprus is an ideal destination for investments with many advantages for those who intend to make serious expansions.”
The CEO of Invest Cyprus, Marios Tannousis, welcomed the expansion of Fattal Group’s activities.
“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 the government s vision and strategy”.
