Christophoros Papachristophorou: Cyprus needs to shift towards more upscale and luxury offerings

Christophoros Papachristophorou, Founder and Managing Partner of Invel Real Estate, discusses how the company’s manifold investments are steering the local hospitality market in the direction of high-end living and luxury tourism.

MHV Group has established itself as a major player in high-end hospitality and real estate in Cyprus – its total portfolio in Greece and Cyprus is valued at more than €500 million. What are the guiding factors behind MHV’s investment strategy?

Our investment philosophy involves acquiring landmark assets under the right circumstances and with the correct timing, while identifying and unlocking further value through active and hands-on asset management and repositioning. Both the factors of “acquiring well” and “value creation” are characteristic of all our projects in Cyprus, culminating in successful and sustainable investments. Furthermore, the country’s favourable macroeconomic environment, with its economic resilience and GDP growth, further validates our decision to invest in Cyprus.

How would you describe MHV’s impact on the local economy?

MHV Group’s investments in Cyprus have significantly boosted the local economy through job creation, sustainability initiatives and economic growth. We employ over 600 professionals locally, offering diverse opportunities in hospitality, real estate and asset management. Our commitment to sustainability has led to the incorporation of green building practices and eco-friendly technologies into our projects, including energy-efficient designs, sustainable materials and innovative environmental solutions. As a testament to this, the new 16,000 sqm office building being developed within the Landmark in Nicosia is targeting LEED Gold certification. Additionally, by collaborating with local suppliers and businesses, we foster economic growth and support the local economy. Our developments enhance the quality of life for both guests and residents, benefiting the broader community and making a positive impact on the region.

The Group has elevated the luxury experience of its hotels by bringing in well-known, high-end brands, from fine dining to haute couture. Does Cyprus’ status as a tourist destination make such collaborations easier?

One of the major trends in the hospitality industry – and a guiding principle for us – is luxury tourism, which seeks to create unparalleled, personalised and memorable experiences for guests. These experiences may include culinary delights, access to high-end and exclusive fashion as well as multidimensional wellness offerings. The creation of these unique experiences is a key aspect of the strategy that we have successfully implemented with the contribution of our partners, the Yoda Group. Moreover, recognising the increasing number of domestic tourists, we have extended such offerings not only to foreign guests but also to the local community, including the growing number of families that have relocated to Cyprus, who have warmly embraced our services. We believe that Cyprus needs to shift towards more upscale and luxury offerings to become a magnet for this market segment, which is less affected by economic volatility. By adopting this approach, we like to think that we are paving the way for the country to become an upscale holiday destination and we are pleased to see fellow hoteliers and entrepreneurs embracing similar concepts, creating a reality of high-end alternatives for clients visiting the country.

Looking ahead, what can we expect next from MHV Group in Cyprus?

MHV Group’s strategic focus on Cyprus includes several upcoming projects and developments that underscore our commitment to the high-end hospitality and real estate sectors. The Group plans to further invest in high-end residential developments, including Parklane, a Luxury Collection Resort & Spa in Limassol, and The Landmark Nicosia, Autograph Collection. These properties will target local and international buyers and investors seeking premium living spaces in desirable areas. They reflect our commitment to enhancing the luxury real estate and hospitality landscape in Cyprus, contributing to the country’s appeal as a premier destination for high-end living and tourism.

MHV (Mediterranean Hospitality Ventures plc), founded in Cyprus in 2021, is dedicated to creating exceptional destinations in the Hospitality and Real Estate sectors across Cyprus, Greece and Italy. Recent developments, such as The Landmark Nicosia, Autograph Collection and The Retail Village at Parklane, a Luxury Collection Resort & Spa, Limassol, underscore its commitment to transformative investments. Invel Real Estate, a main shareholder of MHV, enhances the company’s capabilities, enabling it to leverage extensive resources and expertise, ensuring continued success in its mission to inspire and empower, prioritising the wellbeing of people, guests and local communities. MHV currently employs 600 people in Cyprus.

Congratulations on winning an Invest Cyprus International Investment Award. What does this recognition mean for you?

We are grateful to Invest Cyprus and IMH for recognising our efforts over the years to transform the landscape of the Cypriot hospitality market. This award belongs to the teams of Invel Real Estate, Prodea Investments and MHV that have worked tirelessly over the years to successfully implement our investment programme in the country. They can take pride in their achievements and view this award as an acknowledgment and testament to their unwavering dedication and hard work.

(This article first appeared in the July issue of GOLD magazine. To view it click here)