Lordos Hotels: Golden Bay renovation in the works - The investments made in the group's hotels

The continuous evolution of the group based on its capabilities and market developments, the continuation of the capital investment programme and the dividend policy to maintain the dividend at four cents per share, as well as the investment policy in subsidiaries are among the priorities and goals of Lordos Hotels.

Speaking in the context of the Annual General Meeting, the Chairman of the Board of Directors of the Group, Christofis Koufaris, pointed out that, after completing the renovations at the Golden Coast Beach Hotel and the Lordos Beach Hotel, the company is exploring its options for investing in the Golden Bay Beach Hotel, which has not been renovated since 2019.

Referring to the group's capital investment programme, he emphasised that the amount of €6.2 million has been invested in the Golden Coast Beach Hotel and the amount of €6.4 million has been invested in the Lordos Beach Hotel.

The investment policy and the reorganisation plan

The Chairman of the Board of Lordos Hotels also made a special reference to the investment policy in the group's subsidiaries.

As regards Golden Coast Limited, the Tax Department has secured in-principle approval of the reorganisation plan and final approval is expected to be given before the end of the year.

It is recalled that the reorganisation plan provides that the subsidiary company Golden Coast Limited (Golden Coast Beach Hotel) will now have 100% ownership of the Golden Coast Beach Hotel (instead of the 71% it currently holds), and this will be achieved by the transfer of the 29% direct ownership of Lordos Hotels (Holdings) Public Limited to Golden Coast Limited.

In exchange, Golden Coast Limited will issue and allocate to Lordos Hotels (Holdings) Public Limited 290,000 fully paid class B shares, with a total issue price equal to the total value of the 29% direct ownership.

Regarding United Hotels (Lordos) Limited (Lordos Beach Hotel), the Group's board of directors has decided to continue the program of further share acquisition in the subsidiary, gradually increasing its ownership percentage beyond the 59.7% it currently holds.

This, of course, as Koufaris said, will be done when it is deemed to be in the best interest of the company, following an evaluation in each individual case.

Satisfactory completeness, flexibility and infrastructure upgrade

On his part, the Group General Manager of the Lordos Hotels Group, Marios Ellinas, described 2024 as a year of challenges and opportunities for Cypriot tourism, as, despite the ongoing geopolitical tensions in the wider region and the effects of inflationary pressure on European economies, Cyprus managed to remain an attractive destination.

The dynamic recovery of the tourist flow was noticeable, he said, while the occupancy of the group's hotels was at satisfactory levels, especially in the summer months.

The Lordos Hotels Group responded with flexibility and strategic commitment, investing in the qualitative upgrade of its infrastructure in the digital experience of its customers and continuing to promote authentic Cypriot hospitality.

The renovations that paid off and another one in the works

The subsidiaries, companies of the Group, have carried out a series of significant renovations, which have significantly improved the quality of services and consequently positive results are expected.

More specifically, Lordos Beach Hotel was reopened by United Hotels (Lordos) Limited in May 2024 (it had remained closed since December 2023).

Among other things, the hotel's main entrance, elevators, restaurants, terraces, patio, outdoor pool and pool bar areas were renovated, while new swimming pools, a children's pool and a playground were created.

All of this has greatly improved the quality of services offered, revenues and customer satisfaction, resulting in excellent prospects for 2025 and the years to come.

At Golden Coast Beach Hotel (Golden Coast Limited), after the renovation of all rooms in the main building was completed in March 2024, renovation work began in November on the remaining rooms located in the Artemis building.

The work was successfully completed in March 2025, Ellinas emphasised before the Annual General Meeting, positively assessing the results. “In this way, the visitor experience was greatly improved and we expect much better financial results,” he underlined.

Regarding Golden Bay, in close collaboration with the appointed architects, Panos Panayiotou + Associates (PPA), Lordos Hotels is developing plans for a targeted renovation, which will make the hotel ready to face the challenges of the industry and competition in the next decade.

(Source: InBusinessNews)