Israeli hospitality firm Fattal Hotel Group has announced plans to invest €55 million in acquiring and renovating the Elias Latsi Holiday Village Resort in Paphos.
The property will be rebranded as Leonardo Club Family Resort and will feature new facilities including a water park. The renovation project is expected to take 18 months to complete, pending necessary permits.
According to documents submitted to the Cypriot Environmental Authority, plans include modifying existing permits to convert the development from tourist apartments to a 240-room hotel accommodating 480 guests. The proposal outlines the construction of 18 blocks, with 11 dedicated to tourist accommodation and five for common use.
The new design includes adding an extra floor to eight of the accommodation blocks. The development replaces the former Zenig Resorts Latsi, which consisted of 142 bedrooms and has been demolished.
This acquisition brings Fattal’s Cyprus portfolio to nine properties across all major coastal towns and Nicosia. The group currently operates hotels in Paphos, Larnaca, Protaras and Limassol under various brands including Leonardo Plaza, NYX and Leonardo Crystal Cove.
Fattal Hotel Group, Israel’s largest hospitality company, operates 270 hotels across 117 destinations in Israel, Europe and the United Kingdom.