Greek hospitality group HotelBrain enters Cypriot market with 4 hotels

HotelBrain, the largest hotel group in Greece with more than 100 privately owned -through long-term leases - hotels in its portfolio, is now expanding its activity in Cyprus, following the successful model of long-term leasing of hotel units, according to Greek media reports.

It has been reported that the first four hotels, with a total capacity of 306 rooms, have already been leased and will operate during the current tourist season.

Specifically, it said HotelBrain Cyprus’ portfolio already includes an 84-room property in Ayia Napa, a 112-room hotel and two others with 50 and 60 rooms each, at Pernera Beach in the Protaras area.

MixCollage-29-Mar-2024-11-38-AM-2092

Panos Paleologos, President & Founder HotelBrain

The report says the group’s entry into the Cypriot market is through the 100% subsidiary HotelBrain Cyprus Ltd, following the Group’s basic development structure, namely the provision of centralised support and management services and the decentralised operation of individual hotel units.

The expansion in Cyprus is a strategic decision, based on the attractive characteristics of the Cypriot tourism product combined with the very important synergies that the HotelBrain Group seeks and develops, it adds.

Also, importantly, it is reported that the group’s medium-term target for the next three years is for the Cyprus market to contribute more than 33% to its total revenues.

It is noted that the HotelBrain Group is the largest Greek hotelier in terms of number of accommodations, where in fiscal year 2023 it operated through long-term leases 100 hotels of all types and in all Greek tourist destinations, with a total capacity of 7,200 rooms, and closed the fiscal year with a net turnover of over €100 million. It is worth noting that in 2023, it employed around 3,000 people at its headquarters and hotels, with more than 200 working year-round. And for 2024, the number of employees is expected to exceed 3,300.

For 2024, forecasts call for at least 20% growth in turnover, as it will add at least 15 more hotels to its portfolio.

(money-tourism.gr)

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