The Cyprus Department of Environment has approved the construction and operation of a four-star hotel in the Engomi area of Nicosia, Cyprus.
Doms Group had submitted the construction proposal to the Environmental Impact Studies in March 2019. The hotel will have 144 rooms, restaurants, bars, a gym, a spa and a multi-purpose space. It will be located next to the Nicosia satellite casino in Engomi, as well as across from the Hilton Hotel Nicosia (currently trading as the Landmark).
The 12-storey hotel will cover an area of 8,200 sqm and will include eight floors of rooms, 54 parking spaces and auxiliary uses of the hotel. The hotel’s roof will also offer a swimming pool, an outdoor bar and breakfast spaces.
In order for the hotel to be constructed, part of an existing building (around 330 sqm), which is currently rented by a private university will have to be demolished.
NavInvest Cyprus provides due diligence, business planning, financial modelling and investment advisory services in Cyprus, with a particular strength in hotel resorts. For further information on investing in Cyprus, please contact us.
Sources:
Stockwatch Cyprus, 19 November 2019
Phileleftheros Cyprus, 18 March 2019
Photo (c) Phileleftheros Cyprus