US hedge fund NCH Capital plans to expand in Cyprus with three major hotel and apartment projects close to Larnaca, creating over 1,000 jobs during the construction phase next year, and another 800 once the projects are fully operational.
Invest Cyprus has hailed this 180-million-euro investment in Cyprus as a “clear sign” of the island’s post-Covid economic recovery.
The shift in demand from traditional family-owned hotels to “high-quality” branded hotel resorts in the wake of the pandemic spurred NCH Capital’s plans, said the company’s managing director in Greece and the Western Balkans, Andreas Santis.
Construction of the projects is expected to drastically change the image of the west coast of Larnaca, a seaside area with untapped opportunities for development. Several luxury hotels are under development along its stunning coastline.