• Orestis Votsis

Cyprus tourism forecasts €188 million loss from Thomas Cook collapse


Before its collapse on 23 September 2019, Thomas Cook was on course to bring 250,000 tourists to Cyprus in 2019. Of these, approximately, 50% were from the UK, 40% from Scandinavian countries and 10% from Germany. Cyprus was Thomas Cook’s fifth most popular summer destination for British tourists in 2019.


The Cyprus Tourism Ministry has announced that Cyprus will lose around €188 million in revenue from Thomas Cook. However, the incoming traffic may be made up by other tour operators as well as other means of incoming tourism.


The Cyprus Hotels Association has reported that Thomas Cook owes an estimated €50 million to Cypriot hoteliers for bookings of July, August and September 2019.


According to Mr. Perdios, the Cyprus Ministry of Tourism has been working to decrease the island’s dependency on specific markets and large tour operators. Cyprus Hotel Association President Harris Loizides said that at some hotels, the bookings from Thomas Cook amount to 70-80% of total occupancy.


Their immediate solution aims to promote Cyprus in nearby markets such as Israel, Lebanon and Jordan. There are also long-term plans to co-operate with major tourism operators from neighbouring countries such as Greece, Lebanon, Israel, Jordan and Egypt.



NavInvest Cyprus supports hotel and tourism accommodation investments in Cyprus, and has extensive experience in due diligence on tourism and property investments. Please contact us for more information relating to hotel and property investments in Cyprus.


Photo (c) Thomas Cook


Sources:

1. Cyprus Mail https://cyprus-mail.com/2019/09/23/factbox-what-thomas-cook-collapse-means-for-cyprus/

2. Financial Mirror http://www.financialmirror.com/news-details.php?nid=37606

3. Kathimerini Cyprus https://www.kathimerini.com.cy/gr/oikonomiki/epixeiriseis/pro-toy-fasmatos-tis-katarreysis-i-thomas-cook

4. Phileleftheros Cyprus http://www.philenews.com/f-me-apopsi/arthra-apo-f/article/788259/borei-na-chathei-mechri-kai-0-5-dis-log-thomas-cook

5. Stockwatch Cyprus https://www.stockwatch.com.cy/en/article/oikonomia-toyrismos/cyprus-suffers-blow-following-thomas-cook-collapse