Radisson to “triple” serviced apartment portfolio in EMEA

EMEA: Radisson Hotel Group intends to expand its serviced apartments offering to address the new demand for this accommodation, with Invest Cyprus welcoming plans to expand into the Cypriot market.

In Cyprus, Radisson has five hotels, resorts and serviced apartments with over 800 keys in operation and under development. Its first branded resort in Larnaca is scheduled to open in summer 2021, offering an additional 202 keys. 

Construction will also be starting on the island’s first branded serviced apartments under the Radisson Blu brand. A recently signed partnership with Sunnyseeker Hotels and Quality Group will also mark the group’s entry into Nicosia with a 271-key project.

Elie Milky, vice president of development at Radisson for the Middle East, Pakistan, Cyprus and Greece, said: “Even before the pandemic, serviced apartments made up 10 per cent of our EMEA portfolio with 45 properties and more than 5,400 keys in operation and under development. This has been further strengthened with additional announcements for new serviced apartments properties in Amsterdam, Paris, Larnaca, Nicosia and elsewhere. Our group plans to almost triple our serviced apartments portfolio within the next five years.

“Guests are looking to travel again, but in a safe physically distanced manner. There will be more focus on cleanliness and there will also be more demand for resorts, serviced apartments, and branded hospitality real estate due to their element of trust, standards, and the diversified distribution channels that come with it. We will start seeing more conversion and branding opportunities as a result.

“We will also see much more reliance on technology,” Milky continued, “as it will be a key tool in the revival of our sector. Almost every aspect of the hospitality experience will have a digital component. There will always be a need for physical meetings and interactions, but business meetings will likely move to a more hybrid set-up, with smaller teams getting together in one location and connecting with others via videoconference, and this will be a huge opportunity for the hospitality industry.”

Invest Cyprus, the investment promotion agency of the Government of Cyprus, has launched several initiatives to attract investment in the tourism and hospitality sector. Part of this is a dedicated project bank called TourInvest Cyprus, which lists all investment opportunities available in the sector. Its focus is on promoting the island as a year-round destination and to boost tourism such as wellness, health and sports rehabilitation.

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