“Every market has its own strengths, and Cyprus distinguishes itself through the quality of collaboration between the public and private sectors and its openness to international investment. The country’s strategic location at the crossroads of Europe, the Middle East and Africa also makes it particularly attractive,” says the Global Chief Development Officer of Accor, Camil Yazbeck, following the company’s recognition at the 14th International Investment Awards, organised by Invest Cyprus and hosted by GOLD magazine.
In an interview with GOLD magazine, Yazbeck reflects on why the leading hospitality group chose Cyprus, how it selects the brand that best reflects the destination, and its positive experience of the island so far.
Accor debuted in Cyprus through its Mercure brand in 2023 and has since expanded to four hotels across Larnaca and Nicosia. What led the company to choose Cyprus and how does it assess a market before it commits?
In Cyprus, we currently operate four hotels across Larnaca (under the Mövenpick, Mercure and ibis Styles brands) and Nicosia (under Handwritten Collection). In addition, we have recently signed a Swissotel branded residential project in Paphos, and we have a strong pipeline of other hotel and branded residential opportunities.
Cyprus represents an attractive combination of economic stability, growing international tourism, strong infrastructure and an increasingly diversified visitor profile. Beyond its appeal as a leisure destination, we also see growing demand from business travellers, digital professionals and regional visitors throughout the year.
When evaluating a market, we look beyond current performance. We assess long-term tourism fundamentals, accessibility, investment conditions, regulatory stability, the quality of local partners and the potential for our brands to create value across different customer segments. Equally important is identifying owners who share our commitment to quality and long-term asset performance. Our experience in Cyprus has confirmed that these fundamentals are in place, making it a natural market for Accor’s continued development.
In the three years since Accor’s debut, how has the experience matched expectations and where do you see the greatest opportunities ahead?
Our experience has been very positive. We have seen encouraging guest demand, strong engagement with our brands and excellent collaboration with our local partners. The pace at which cities in Cyprus are evolving is very strong, supported by significant infrastructure investment and growing international visibility. We also see increasing opportunities in urban hospitality, lifestyle concepts and mixed-use developments that combine hospitality with residential, commercial and leisure components. Looking ahead, we believe Cyprus still offers considerable room for growth, both through additional hotel development and by introducing more brands from Accor’s diverse portfolio to meet the evolving needs and expectations of domestic and international travellers.
Accor is active in over 110 countries, with diverse markets within those nations. In what ways does the Cyprus ecosystem stand out?
Every market has its own strengths and Cyprus distinguishes itself through the quality of collaboration between the public and private sectors and its openness to international investment. The country’s strategic location at the crossroads of Europe, the Middle East and Africa also makes it particularly attractive. Another differentiating factor is the entrepreneurial mindset of local investors and hotel owners. We have found partners who are ambitious, forward-looking and willing to invest in internationally recognised brands to enhance the competitiveness of their assets. Combined with a stable business environment and an improving tourism offering, these factors create an ecosystem that supports sustainable hospitality growth and investment.
The hospitality sector is showing strong growth, particularly in cities such as Larnaca. How does Accor differentiate itself in such a market and what role do its individual brands play in this strategy?
Our strength lies in the depth and breadth of our brand portfolio and our ability to match each hotel with the right market positioning. Accor operates more than 45 brands globally, allowing us to respond to different guest expectations while optimising value for hotel owners. Rather than applying a one-size-fits-all approach, we select the brand that best reflects the destination, the property’s characteristics and the target customer. In Cyprus, our Mercure hotels celebrate local identity while benefiting from the strength of a globally recognised brand, and our ibis Styles property offers an accessible, design-led experience for a different customer segment. What makes Accor truly different is our augmented hospitality model. We are not just a hotel company, our ecosystem spans 10,000+ restaurants and bars, 60+ F&B brands, wellness concepts, flexible workspaces and branded residences, all connected through ALL Accor and supported by 360-degree solutions across sales, marketing, procurement, technology and design. This gives investors the flexibility to diversify revenue streams and unlock additional value per square foot. Underpinning it all is ALL Accor, the most diversified loyalty programme in our industry, with nearly 120 million members worldwide, a reach we continue to expand, including a recently announced partnership with H World Group across China, Europe and the Middle East, enriching our loyalty ecosystem for a combined 430 million members, and a scale-up with InterGlobe in India to 300 hotels by 2030.
The Invest Cyprus International Investment Award recognises not only Accor’s success but also its commitment to Cyprus. What does this award mean to the company and why is it important to your long-term vision?
Receiving the Invest Cyprus International Investment Award is a tremendous honour. We see it as recognition of the confidence that Cyprus and Invest Cyprus have placed in Accor as a partner in this strategic market. Above all, it reflects the strength of the partnerships that we have built with local owners, investors and institutions who share our long-term vision. At Accor, we do not view market entry as a short-term opportunity. We invest with the ambition of creating lasting value for our partners, our guests and the communities where we operate. This award reinforces our belief that Cyprus offers the right environment for sustainable growth, and it encourages us to continue expanding our presence while contributing to the country’s tourism and economic development.
Founded in 1967 and headquartered in Paris, Accor is a world-leading hospitality group operating across more than 110 countries, with over 5,830 hotels. A pioneer in augmented hospitality, it offers a range of concepts that optimise revenue per square metre, including 10,000+ bars and restaurants, wellness concepts, entertainment and flexible workspaces. As the No.1 hotel operator in Europe, the Group is expanding rapidly across the continent’s most compelling resort and leisure markets, including the broader Mediterranean, Greece and Cyprus, where it currently operates four hotels – in Larnaca (under the Mövenpick, Mercure and ibis Styles brands) and Nicosia (Handwritten Collection). Other hotel and residential opportunities are at varying stages of active discussion.
This interview first appeared in the July edition of GOLD magazine. Click here to view it.
