Cyprus Hotels Struggle With Insolvency

Following a summer marred by the ongoing coronavirus pandemic the situation being faced by the island’s hoteliers remains dire, and prospects are bleak, the Cyprus Mail reported. According to the Cyprus Hotel Association (Pasyxe) and the Association of Cyprus Tourist Enterprises (ACTE), which counts among its members some of most prominent luxury hotels in the island, the financial situation at the moment does not leave room for optimism. “The virus has left an indelible mark on the tourism industry and on hotels in particular,” Pasyxe director general Philokypros Roussounides told the Cyprus Mail. “While no hotels have yet permanently closed, most are struggling with insolvency, a situation that has never happened before in Cyprus.” Although there have been more arrivals in Cyprus from the UK in August and in September, the number are just not high enough to make a difference for hoteliers. Last year, around 250,000 British tourists visited Cyprus in August. Read more