Hotel Investment Partners (HIP), backed by Blackstone and GIC, has added its first property in Cyprus to its portfolio: Olympic Lagoon Resorts Paphos, a five-star resort with 276 rooms, located on the beachfront in the country’s most exclusive and sought-after area. Paphos is known for its 18 Blue Flag beaches, a historic town center, and UNESCO World Heritage archaeological sites.
The hotel was acquired from Amathus and Kanika, with Kanika remaining as the resort operator. Kanika is one of the leading operators in Cyprus, managing five top-tier resorts across Paphos and Ayia Napa (Famagusta) under two brands: Olympic Lagoon Resorts, focused on families and couples with an all-inclusive offering, and MadeForTwo Hotels, exclusively for adults.
The resort, located in Paphos’ prime area with direct access to a Blue Flag beach, features spacious rooms and extensive public areas, ideal for both families and couples thanks to adult-only zones. Facilities include five outdoor pools and one indoor pool, an entertainment area with a capacity of 340 guests, spa and gym, tennis and football courts, as well as children’s and teen clubs. The resort also offers a wide range of dining options, with six restaurants (four à la carte) and five bars.
As part of its growth strategy, HIP will invest an additional €17 million to upgrade and reposition the hotel. The CAPEX plan includes the renovation of rooms and common areas, building on improvements Kanika has made over the past three years in both facilities and dining. Sustainability will be a core element of the project, incorporating energy efficiency measures such as HVAC system upgrades, optimization of energy monitoring and control systems, and LED lighting. The hotel also aims to obtain BREEAM certification, reinforcing its commitment to sustainability.
Cyprus has become one of the fastest-growing Mediterranean tourist destinations, welcoming four million international arrivals in 2024. HIP, present in Greece since 2019, already operates hotels in Crete and Rhodes, destinations close to Cyprus. With this acquisition, the company strengthens its presence in high-growth international markets, bringing its total portfolio to 10 assets in Greece, six in Italy, and two in Portugal.
cloud technology axon
Xcalibur Smart Mapping, recognised as the global leader in airborne...
