The program to revitalize the hotel industry in the Troodos Mountains, which was launched last year under the leadership of Troodos Network Chairman Panagiotis Papadopoulos, is beginning to produce results. Major deals involving the sale and purchase of historic hotels are expected in Kakopetria in the near future.
Papadopoulos says investor interest in this resort village is high, particularly for four properties of cultural and architectural significance: These include the Marris Hotel, which has panoramic mountain views; the Ekali Hotel, which is located in the center of the community; the Rialto Hotel, which is on the border between Galata and Kakopetria; and the historic Loukoudi Hotel, which is located right on the riverbank.
Cypriot entrepreneurs collaborating with foreign investment funds have also joined the process. Negotiations are in the final stages, and the format of the deal largely replicates the successful acquisitions and renovations in Platres.
From Platres to Prodromos, a new philosophy is emerging for developing mountain resorts
Papadopoulos emphasized that the strategy is to treat the Troodos Mountains as a single tourist zone. After large-scale deals in Platres and the start of renovations on the legendary Berengaria Hotel in Prodromos (costing around €35 million), attention will turn to the hotels in Kakopetria and, eventually, Pedoulas.
Key advantages of Kakopetria include the new Nicosia-Evrychou road, which reduces travel time, and the preservation of the local population in the Solea region. Unlike many other mountainous areas, there has been no mass exodus of residents to the cities, creating additional stability for local tourism.
The success of the deals in Platres sets an example for the region
A number of large-scale deals have already been concluded in Platres, setting an example for Kakopetria. Property Gallery acquired the Petit Palais Hotel, which reopened after renovations and enjoys steady demand. The renovated Pendeli Hotel is booked months in advance, especially for business conferences.
The Splendid Hotel and the Aphrodite Plaza have also changed ownership. Other hotels remain under the ownership of Cypriot entrepreneurs. Costas Kleanthus, a businessman, bought Forest Park for €15 million and plans to invest the same amount in its modernization. He also acquired the Pafsilipon Hotel, which closed in 1980 and was severely damaged by fire. The Mount Royal and Minerva hotels have also found new owners.
New projects include mountain resorts with a modern look
Investments in the region are not limited to purchasing old tourist facilities. A luxury complex called Guru Mountain Resort is under construction in Platres at a cost of around €98 million and will cover more than 56,000 m².
Another project, the Tree Hotel, has received all necessary permits and will feature wooden bungalows that blend into the forest landscape. Investment in this unique eco-hotel will total around €4 million.
The trend is the revival of Cyprus's mountain resorts
Today, we can confidently talk about a new stage in the development of Cyprus's tourism industry. While the island's coastline has long attracted investment in hotels and residential real estate, attention is increasingly shifting to mountain resorts.
Troodos, with its unique nature, traditional villages, and rich cultural heritage, is becoming more and more attractive to investors and tourists alike. Renovated hotels and new projects promise to restore the region to its former glory, establishing it as a key year-round recreational destination on the island.