According to a press release in Stockwatch, the Managing Director of NCH Capital, Mr. Andreas Santis, has announced three investments with a combined investment value of € 200 million in the Pyla area of Larnaca, Cyprus.
The NCH Capital tourism investments include:
The replacement of the “Beau Rivage” hotel. The existing hotel will be razed and a new hotel built in its place. The investment cost is estimated at € 60 million. The new build is estimated to take 12 months to complete. This will include a 4* hotel comprising 120 rooms and 80 apartments.
The next door plot, with a plot size of 33,000 square meters, has been purchased for development. The resort will be known as Floating Scapes and the investment budget is forecast at € 150 million. This will be a 5* resort with 200 rooms and 100 apartments. This investment is taking place together with two other investors.
The third investment takes place in Pyla and is branded “Troy”. This will include 280 apartments of one and two bedrooms, together with restaurants, cafes, pharmacies, swimming pools, a spa, gym and other amenities. The investment cost is budgeted at € 50 million.
Larnaca has a number of infrastructure projects announced, including the transfer and reclamation of the oil bunkering facilities as well as the re-development of the port and a new marina. The region is one of the most interesting for tourism investments in Cyprus, given the relatively low price of land, the lack of 5* hospitality products and the proximity to Larnaca International Airport.
For additional information on tourism investments in Cyprus, please contact us.