US interests NCH Capital Inc has plans for at least three grand developments in coastal Larnaca, Andreas Santis who heads the team that manages Cyprus told Insider (January 2020 issue).
Specifically, the first investment concerns a hotel unit in the area of Agios Lazaros with a capacity of 60 beds that could be increased if certain conditions are met.
Santis said there has been a slight delay in the project, but that the plan was submitted before Larnaca Municipality which is expected to grant a construction permit within the next couple of months. The hotel comes under the boutique rating and will be managed by a large hotel chain.
In the interview, Santis also said that Larnaca has much greater prospects than other parts of Cyprus. That is why the investment company has selected two additional locations for the construction of new hotels.
One is the abandoned former hotel “Beau Rivage” in the tourist area of Dhekelia road which was sold by Bank of Cyprus. It is 13,500 sq.m. long and the existing building will be demolished to pave the way for a new condo hotel. An adjacent coastal piece of land of 33,000 sq.m. is now also in the hands of NCH Capital.
The two properties are separated by a green area and the goal is to turn it into a mixed tourist village that will include a hotel as well as residential development. Santis said the two projects will also be managed by an international hotel chain.
Santis kept his cards close to his chest as far as exact figures go and just said that NCH Capital has so far invested some €30 million in Cyprus. And that after the construction of all projects is completed, that amount will exceed €150 million.
Read the full interview in Insider now on the stands.