CYPRadar 🇨🇾🌴 Cyprus hotel industry relies on last-minute bookings amid slow summer recovery
The Cyprus hotel industry is banking on last-minute bookings to mitigate the effects of a challenging summer season start, according to Thanos Michaelides, chairman of the Cyprus Hoteliers Association. Despite some improvement and a return to more normal cancellation rates, overall reservations still fall short of expectations for this period. Michaelides highlighted that the rise in last-minute demand, especially over the next two months, offers hope but warned the sector's recovery remains fragile.
Hotels in Cyprus rely heavily on the six-month summer period for profitability, as other months see low occupancy or closures. This window is critical for generating the income needed to cover year-round operating costs and invest in future upgrades. Michaelides emphasized the need for increased investment in promoting Cyprus's tourism product to sustain demand, protect air connectivity, and secure tour operator contracts for 2027.
On the issue of ownership, Michaelides stated that most Cypriot hotels remain locally owned, with foreign investment still a small portion. He noted that foreign capital can bring benefits, but maintaining a strong Cypriot presence depends on industry profitability. Sustained profit margins are essential to prevent local hoteliers from selling their properties, ensuring the sector's long-term stability.
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