Hellenic Bank reaffirmed its commitment to Cyprus’ hospitality industry with its participation at the 46th Cyprus Hotel Summit and Horeca Expo in Limassol, where sector challenges and opportunities were brought to the forefront.
The conference, organised by the Cyprus Hotel Association (Pasyxe), focused on innovation and growth, sending a strong message of optimism, resilience, and adaptation to modern demands.
In a statement released on Monday, Hellenic Bank stressed that, as a key supporter of the event, it acknowledges the vital role of the hospitality industry in Cyprus’ economy.
Phivos Stasopoulos, General Manager of Wholesale Banking at Hellenic Bank, stressed that “strategic collaboration between banks and hoteliers is crucial for the development and resilience of the sector”.
Moreover, he noted that “hotel financing constitutes a significant portion of the bank’s corporate loan portfolio”, showcasing the “deep interdependence between the two sectors”.
Discussing the bank’s involvement in hospitality financing, Stasopoulos explained that financial institutions play a key role in “the construction, renovation, and expansion of hotel facilities”.
Further to this, he highlighted the importance of offering tailored financial solutions, saying, “hoteliers should see banks as strategic partners rather than just providers of financial services”.
Additionally, Stasopoulos outlined several key areas of cooperation, including funding for new developments, renovations, and acquisitions through specialised financial tools.
He also emphasised the importance of sustainability investments, particularly in relation to environmental, social, and governance (ESG) initiatives.
“Sustainable investments are at the heart of our strategy, helping businesses transition to greener practices,” he said.
Crisis management was another focal point of the discussion, with Stasopoulos referencing the support extended to the hotel sector during the pandemic.
He also spoke about the need for long-term risk management strategies, such as creating debt service reserve accounts (DSRA) and building financial buffers for hotel refurbishments.
“Preparing for economic downturns is essential to ensuring long-term stability,” Stasopoulos stated.
Beyond financing, Hellenic Bank also pointed out that it seeks to foster growth through reward programmes, mixed-use property developments, and market expansion opportunities.
Stasopoulos emphasised that banks are increasingly becoming part of broader business ecosystems that connect hoteliers with visitors, travel agents, suppliers, and customers.
“Banks must be a reliable and trusted partner for every hotelier, offering innovative solutions tailored to the industry’s needs,” he stated.
The summit also featured an awards ceremony recognising individuals and businesses that have significantly contributed to Cyprus’ hospitality sector.
Alongside the conference, attendees explored the updated Horeca Expo, which showcased innovative products and services, including wine tastings, gastronomic presentations, and best industry practices.
In addition, the event also saw Deputy Minister of Tourism Kostas Koumis expressing optimism for Cyprus’ tourism in 2025, highlighting the need for strategic planning to address evolving challenges.
His keynote address revolved around the themes of innovation, sustainability, and extending the tourist season.
Finally, Pasyxe president Thanos Michaelides echoed the minister’s thoughts, citing record visitor numbers and diversification efforts.