Increased investor interest mountain hotels and Balram Chainrai's plans for the Rodon Hotel

Another acquisition reflecting the intense investment interest in hotel units of the mountain resorts over recent years has taken shape, with the historic Rodon Mount Hotel & Resort in Agros changing ownership and passing into the hands of the Hong Kong-based investor, Balram Chainrai.

Chainrai acquired, through the public offer he submitted for 100% of the Agros Development Company “Proodos” Public Ltd, 87.85% of its share capital, in order to become the de facto owner of the hotel and to now be in a position, as the major shareholder, to implement the plans on the basis of which he decided to make this specific investment.

The investor's plans for the hotel were clearly reflected in the public offer he had submitted to secure 100%, which, as emphasised, concerned the continuation and development of the existing activities of Proodos Public Ltd, while remaining steadfast in its scope of activity.

The investor's intention was specifically clarified to be continuing and developing the company's activities, namely the provision of hotel services and real estate/residential development, without making any changes to the existing employment policy for its employees.

Additionally, and especially in relation to the Rodon Mount Hotel & Resort, his plans include upgrading and modernising the hotel, through an approach that, as the Board of Directors of Proodos Public Ltd assesses, if implemented, will create good and auspicious prospects for the future of the company.

As InBusinessNews recently wrote regarding Balram Chainrai's ambitious plans for the Rodon, his goal is to renovate it and transform it into an exclusive hotel for winter tourism.

According to sources close to the investor who spoke to InBusinessNews, he believes that with the necessary renovation and upgrade, the hotel will be able to attract foreign tour operators who deal, among other things, with winter tourism, at the same time that he appears willing to invest whatever money is needed to upgrade the hotel and achieve his goals for it.

It is worth noting that this is not the first time Balram Chainrai has invested in Cyprus, as so far he has acquired a number of old hotels, which he has upgraded, while he is also implementing the Dream Tower in Limassol.

The acquisition of the Rodon by the investor from Hong Kong, however, adds to the puzzle and the larger picture of investment interest in the hotels of the mountain resorts of the country, indicatively as stated in a recent interview in the Cyprus Hotel Association’s Xenodochos monthly electronic newsletter, by the Chairman of the Association’s Mountain Resorts Committee, Andreas Mandalas.

"I see that interest has been expressed towards hoteliers in our area as to whether they are interested in selling. Some examples are Rodon and Forest Park," Mandalas had said, adding that three-quarters of the hotels in Platres have been sold and, as he said, this is a positive thing.

"Now it's Kakopetria's turn. These are the two villages that have always had the most visitors," he had indicated, simultaneously sending a clear message to investors or potential investors.

"I hope that new investors will come to stay and give help, a boost to the mountain resorts with the services they will provide to their customers," Andreas Mandalas said.

(Source: InBusinessNews)