Israeli Fattal Hotel Group presents major Cyprus expansion plans

Major investment plans are currently underway by Israel's Fattal Hotel Group, one of the world's fastest-growing hotel groups – with 270 hotels in 117 destinations in Israel, Europe, and the UK, and now looking to further expand its portfolio in Cyprus.

As noted in a relevant press release, the company currently owns nine 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.

Roni Aloni, the Managing Director of the Mediterranean region, stated, “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 on long-term goals, such as taxation, sustainability, support of the market, and incentives to attract more investments, the press release notes.

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, within the same press release, the CEO of Invest Cyprus, Marios Tannousis welcomed the expansion of Fattal Group's activities in Cyprus and said, “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.”