Filenews 24 June 2021 - by Pambos Vasilas
"The dice was thrown" for "Beau Rivage", as soon the "carcass" of the old hotel will be demolished on the coastal front of Pyla and the small community is preparing to welcome the largest investment ever made in the tourism sector. It is a four-star hotel worth €45m to €50m and a five-star hotel complex, worth around €100m. which will come as a surprise to the Cyprus data and for which details will be given in due course. The above was revealed to "F", the managing director of the hotel organization NCH Capital, Andreas Santi.
The investment in the beach of Pyla worth about €150 million. It includes two hotels, apartments and villas promoted by NCH Capital Inc. with strategic partner Edge Development Group, which operates under the auspices of Supernova Polish Real Estate and Hospitality Group, Mr. Santi said.
Both Mr. Santi and the community leader of Pylas, Simos Mytidis, said that plans for the demolition of "Beau Rivage" had already been submitted to the Planning Department and that they would not be approved until next month. However, Mr. Santi left open the possibility that the demolition of the old hotel would not take place in the summer, so as not to create any problems for tourism entrepreneurs, the surrounding area and the beach. Mr. Santi, but especially Mr. Mytidis stressed that now in Pyla, they are counting down to the time when the small community will not be a poor relative of Cypriot tourism, but a tourist reference point. The plans were submitted by NCH Capital.
The investment concerns the creation of a mixed tourist village in an area that for many years now has not had a particularly high degree of development. "It is very important and significantly upgrades the tourist product not only of Larnaca but also of Cyprus in general. We hope that everything will go smoothly with the relevant Agencies," Mr Santi said.
The two projects
The managing director of the hotel organization NCH Capital explained that regardless of whether they are adjacent to each other, in fact in the area of "Beau Rivage" there will be two projects. One on site to be demolished and a much larger project, on the piece of land located west.
Regarding the large piece, area 33,500sq.m. plans will be filed within the next two months for a very large five-star hotel complex, consisting of hotel rooms/apartments, tourist accommodations, as well as luxury tourist villas. The project is currently in the process of completing the architectural design.
At the same time, as Mr. Santi mentioned, in the area where the ruined "Beau Rivage" is located today, a four-star hotel will be created, along with apartments. Both complexes, however, will operate under the umbrella of the international organization that will manage them.
The investment is expected to create more than a thousand jobs during construction work and hundreds during the operation of the hotel units. The whole project provides for mixed tourist and residential development, which includes cottages, apartments and a 460-bed hotel complex.
What is NCH Capital
The U.S. Interest Fund NCH Capital manages funds in excess of $3 billion. NCH Capital previously bid in a Tender of the Greek State for the concession of an area of 490 acres in the area of Hermitis in Kassiopi, northern Corfu in 2012. Between 2012 and 2018, 11 appeals and actions were filed with the Council of State and other courts, all of which were dismissed. Finally, Kassiopi marked the official start of the project, after receiving all the permits, in the presence of the Prime Minister of Greece, Kyriakos Mitsotakis. The Agency has also undertaken major projects around the world, including countries in the Balkans.
Prospects and 1,500 beds
According to Mr. Santi, both hotels, along with the rest of the developments, will have more than 1,500 beds. Investors, he added, plan to integrate actions into the hotel business so that there is both contact and benefit for the wider Pyla community, in addition, of course, to the hundreds of stable jobs that will be created on a year-on-year basis.
