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Larnaca is fast becoming the place to invest for tourism

Larnaca’s future is looking brighter than ever before in terms of tourism-related investments, which are expected to further upgrade the town’s image as a hot tourism destination.

Over the past six years, 15 new hotels have opened while there are another 25 in the pipeline, both by Cypriot as well as foreign investors.

Investors in the city include major international chains like Radisson, Intercontinental, Best Western and Accor.

Mercure Larnaca City is expected to open its doors soon, while the foreign investor behind it is preparing to operate a third hotel in Larnaca, sources have told InBusinessNews.

Larnaca is a tourism and investment destination

Speaking to InBusinessNews, the president of the Larnaca Development and Promotion Company (ETAP), Dinos Lefkaritis, said that the town’s tourism sector is experiencing an era of significant growth.

He said the numbers are showing a steady increase in tourist arrivals but also tourism-related investments.

As regards tourist arrivals, Lefkaritis said these have increased by 100,000 in the past six years, while Larnaca’s share of the tourism pie has increased to 12.1%.

As for investments, he said that 15 new hotels have opened in the town in the past six years, with a total capacity of 1,472 beds.

“This performance reflects the significant advantages that Larnaca has to offer as a tourism, but also investment destination. Its convenient location and the fact that it is an entry gate to Cyprus, combined with its good infrastructure, are all factors that are contributing to its growth,” said Lefkaritis.

And he said there was still room for new hotels that would further diversify the town’s tourism offering.

Restoration of old buildings

According to Lefkaritis, “ETAP fully approves of the effort to restore listed buildings in the town, but also in the surrounding villages and their conversion into licensed tourism units; a practice that aligns with the new accommodation trends and which contributes to preserving our architectural heritage”.

But he warned, this “must been done in moderation and with prudence, taking into consideration the capabilities of the destination but also the serious lack of staff in the domestic tourism industry”.

Concluding, Lefkaritis said: “The interest for private investments in tourism is a given. The state and the local authorities have a duty to work tirelessly towards constantly improving the business environment, upgrading the infrastructure and road networks, and ensuring public spaces are decent. Only thus can we attract better quality investments and place Larnaca on a substantive growth trajectory.”

ETAP, he said, will continue to act as a driving force to improve the town’s tourism product and promote it in priority markets.

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