Fattal Group acquires another vacation property in Cyprus.

The construction of Leonardo Club Family Resort, formerly known as Elias Latsi Holiday Village Resort, is progressing well thanks to a positive response from the Environmental Protection Authority. This hotel will be able to accommodate 272 beds and is the result of an impressive transformation that cost more than 30 million euros. At the same time, around €16 million was allocated for the acquisition of the land and around €20.5 million for renovations and new facilities. This major investment was made by Leonardo Hotels Cyprus, a subsidiary of Israeli conglomerate Fattal Group. The hotel is the latest addition to their growing portfolio in Cyprus, where they already operate the Grand Resort Hotel in Limassol.

The Leonardo Hotels Cyprus currently operates nine hotel complexes on the island and has invested more than €300 million in the Cypriot tourism sector. Two sites in particular stand out: the first is the management of a complex in Protaras and the second is an investment in NYX Nicosia, located in the city center. However, the opening of NYX Nicosia, scheduled for 2023, seems to have been indefinitely postponed. Meanwhile, the company has shifted its focus to beachfront hotels, in line with the growing excitement of Israeli investment in the sector. Apart from Fattal Group, other Israeli investors are also interested in the Cypriot tourism sector. Recent examples include the Palm Beach Hotel on the Larnaca-Dekelia road and a luxury apartment complex in the Mackenzie neighborhood, which also show the interest of Israeli investors. However, it is Fattal Group, which began its presence in Cyprus in 2017 with the acquisition of properties in the Paphos area, that has made the most significant investment so far.

The group plans to complete the renovation of two recently acquired properties in Limassol and Laci over the next three years. In Paphos, Fattal Group acquired the Cypria Maris, Cypria Bay and Laura Beach Hotel in April 2017 for approximately €80 million. Further expansion work, including increasing the number of rooms, cost around €35 million. The land acquisition and renovation in Laci increased the total investment in Paphos to approximately 140 million euros, where 16 million was spent on land acquisition and 20.5 million on renovation and new amenities. In 2018, the group acquired the land on which NYX Limassol is now located, with a total investment value of around 34 million euros, of which 25 million was spent on construction and 9 million on the purchase of the land. The group's most recent investment in Limassol is the five-star Grand Resort, which will also be renovated. The first phase of repairs will begin in November and is expected to be completed by the start of the 2024 summer season, with the second phase occurring in the fall of 2024 and expected to be completed by the 2025 summer season. The total cost of the renovation will be around 20 million euros. After the renovation, the hotel is planned to be added to the Leonardo Hotels Limited Edition brand. In addition to these developments, the company has also acquired and refurbished the Samirana boutique hotel in Larnaca, which now operates under the Israeli brand, and operates the Leonardo Crystal Cove hotel in Protaras.

The situation with NYX Nicosia remains uncertain, with construction possibly starting in 2024, but there is no official decision yet. It was originally scheduled to open in 2021, but due to the pandemic, plans were revised and work was scheduled to begin in 2022 with launch in March 2023. However, progress has stalled and the project now seems less of a priority for the company. The investment in NYX at Makarios is expected to total around €30 million, including €6.7 million for the purchase of the site. The original plan was to build a 14-story hotel with 198 rooms. Even if delayed, the launch of the hotel is expected to significantly increase activity in Nicosia city center and meet the city's need for quality tourist accommodation.

At the same time, the company is also exploring opportunities in Greece. The NYX Athens hotel is already in operation and work on the NYX Thessaloniki hotel should be completed by the end of 2024, with new properties planned for Nafplion and Rhodes. Leonardo Club welcomes guests to Laci. The Environmental Protection Authority has approved the construction of the Leonardo Club in Laci, a 272-bed apartment complex with public spaces. The project includes 18 sections, 11 of which are for tourist use, five for public use, one control point, and a sports area with underground facilities in the Municipality of the City of Golden City. The total project area is 6,477.55 sq. ft. m, and the building area is 7,750 square meters. м. The hotel will have 136 rooms, including 11 rooms for people with disabilities, each with two beds and a capacity of 272 guests. The property will feature a restaurant, pool bar, snack bar and ice cream parlor, as well as commercial and office space, a gymnasium, play area and storage. The complex will have 12 pools, including children's pools and spa pools. There are also plans to build 215 parking spaces, including nine for the handicapped. The architects emphasize energy-saving measures, including insulation, photovoltaic panels on the roofs and energy-efficient building materials, which will give the building an energy efficiency class A.