PROJECT EXPERIENCE

Mansion Conversion Project

Limassol, 2019

On behalf of a private investor, NavInvest Cyprus implemented a feasibility study for converting a listed mansion in the Old Town of Limassol into a boutique hotel.

 

The mansion comprises 700 sq.m. of space on three floors, and includes a large rear garden with planning permission to add a further 700 sq.m. of space.

 

Our work included:

  • Site assessment;

  • Planning on room footprint and conversion based on (a) original floor plan and (b) adding to the floor plan;

  • Conversion cost and overall capital expenditure forecast for hotel furnishing and build-out;

  • Occupancy, Average Daily Rate, hotel income forecast and food and beverage income forecast;

  • Competitor analysis, including occupancy and ADR forecasts;

  • Expenditure forecast;

  • Public funding access for historic building renovation from the Cyprus government;

  • Integrated financial modelling;

  • Risk assessment and risk mitigation.

 

The prospects for small-scale hotel development and operation in Limassol are among the most interesting investments in Cyprus today. This enables not only an immediate capital gain from building renovation, but the prospect of a relatively stable income stream given the low staff costs of running a small hotel of this type.

 

For further information on Cyprus property and hotel investments, please contact us.