Paphos, Cyprus. Louis Hotels said it has invested more than €30 million in renovations across Cyprus and Greece over the past three years and plans further upgrades despite weaker demand in Cyprus. The group said bookings in Cyprus are down about 15 to 16 per cent compared with last year.
Renovations and investment plans
Louis Hotels, which operates 25 hotels in Cyprus and Greece with more than 13,000 beds, said investments for the 2024–2026 period could exceed €60 million if new hotel projects are included.
The group said upgrades include the extensive renovation of Valmar Corfu into a five-star premium all-inclusive resort and the opening of Imperial Island Resort in Paphos, which began operating on May 3.
Speaking during a presentation of the group’s plans, chief commercial officer Popi Tanta said that beyond renovations, the total investment figure increases when new projects such as the King Jason hotel in Zakynthos are included.
Demand outlook and bookings in Cyprus
Tanta said the group is entering the summer season with “modest optimism,” citing geopolitical developments in the Middle East as weighing on demand for Cyprus.
She said the Cyprus market has been affected by negative publicity linked to the war in the region, leading to cancellations and weaker bookings in March and April.
“This year is moderately optimistic because Cyprus, unfairly, had negative publicity due to the war in the Middle East,” she said.
Tanta said bookings had been rising at the start of the year but changed after the outbreak of the conflict. “Since the beginning of the war we saw a lot of cancellations, with a bad March and a bad April, while now May is starting to recover, reaching last year’s levels,” she said.
The group said the decline in Cyprus bookings so far is around 15 to 16 per cent year on year, though it hopes the drop will narrow to about 10 per cent for its hotels on the island.
How do you expect hotel investment plans to affect tourism demand in Cyprus this summer?
