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12° Nicosia,
30 May, 2024
 

Fattal Group acquires Grand Resort Hotel

Israeli hospitality conglomerate adds five-star Limassol hotel to growing collection in strategic move for island's tourism sector

Newsroom / CNA

The Israeli hospitality conglomerate, Fattal Hotel Group, is continuing its expansion in Cyprus by acquiring the five-star GrandResort hotel in Limassol, according to an announcement by Invest Cyprus. This move marks the group's ninth acquisition on the island, with hotels already acquired in Paphos, Larnaca, Protaras, and Limassol.

The newly acquired GrandResort hotel in Limassol is set to undergo extensive renovation and will become a part of the Leonardo Hotels Limited Edition brand. Additionally, the group has obtained Elias Latsi Holiday Village Resort, which will soon undergo a complete renovation and be rebranded as Leonardo Club Family Resort.

Reportedly, Fattal Hotel Group has recently opened a new hotel in Limassol under the NYX brand, and another NYX-branded hotel in Nicosia is nearing completion. Ron Aloni, CEO of Fattal, expressed pride in the group's expansion on the island and emphasized that their focus is on finalizing procedures for their newly acquired hotels and leveraging new investment opportunities in Cyprus.

Fattal, a leading hotel group in Cyprus, believes in the island's tourism future and highlights the importance of collaboration between the government and private sector to achieve long-term goals such as taxation, sustainability, market support, and incentives for attracting more investments.

Aloni also expressed his satisfaction with Cyprus as an investment destination, praising the favorable business and investment environment, as well as the company's positive return on investment in the country.

Invest Cyprus CEO Marios Tanousis welcomed Fattal Group's expansion in Cyprus, emphasizing that the decisions of prominent hotel groups and international investors to increase their presence in the local market demonstrate a strong vote of confidence in the country's tourism and hospitality sector.

As the government's Investment Authority, Invest Cyprus remains committed to supporting and facilitating foreign direct investment across key sectors of the economy, aligned with the government's overarching vision and strategy, Tanousis concluded.

The statement highlights that Fattal Group is the largest hospitality group in Israel and one of the rapidly growing hotel groups with a portfolio of 270 hotels across 117 destinations in Israel, Europe, and the UK.

TAGS
Cyprus  |  Limassol  |  Israel  |  hotels  |  tourism  |  business

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