Hong Kong businessman Balram Chainrai plans to upgrade and modernise the Rodon Hotel in Cyprus’s Agros region, as part of a multimillion-euro investment strategy, sources close to the investor told philenews.
Chainrai, who currently holds a 35.96% stake in AGRO, the hotel’s parent company, has launched a public bid to acquire 100% of the company’s shares to facilitate the planned investments.
“The investor aims to transform the property into a major attraction, contributing to the development of both Agros community and the wider region”, a source familiar with the plans said.
The proposed upgrades include new facilities, expansion of existing spaces, and strategic investments in the surrounding area. The final scope of renovations will depend on the percentage of shares Chainrai secures through his public offer.
The Rodon Hotel recently completed a three-phase renovation programme between 2018 and 2021, which included a €750,000 bank-funded upgrade completed in October 2021.
Chainrai, who has extensive business interests in Cyprus through at least seven registered companies, is the son of PG Chainrai, founder of the Chainrai Group in Hong Kong in 1949.
His primary company, Hornington Enterprises Limited, established in 1984, leads a group with annual turnover exceeding $200 million, operating across Asia, the Middle East, Europe, and the former Soviet states in electronics, home appliances, and computer distribution.
“Representatives of the investor have already met with a major shareholder of the hotel company to discuss their development plans”, sources said, following earlier reports of shareholders seeking clarification about the new investor’s intentions.
The businessman has served as chairman of the Indian Chamber of Commerce Hong Kong from 2007 and currently holds the position of vice chairman since 2024.
His recent investment interests include real estate, hotels, entertainment, and solar energy projects.
