Paphos District, Paphos

For sale hotel of 730 sq. meters in Paphos. The hotel has 2 levels. The first floor consists of 7 bedrooms, 4 living rooms with kitchen, 2 living rooms, 6 shower WC. The second floor consists of 11 bedrooms, 5 living rooms with kitchen, 5 shower WC. There are solar panels for water heating and air conditioning. The owners will be leaving the furniture with the sale. Extras included with the property: parking space, garden. The property boasts a shared swimming pool. Aparthotel is superbly located in the center of Paphos within walking walking distance from equipped beaches, shopping centers, tourist activities, historical sights. There is a bus stop opposite the entrance to the aparthotel. From there in less than an 1 hour you can reach such iconic places as Aphrodite's Stone, Coral Bay and the Troodos Mountains. What is also very important is that the hotel can be easily reached from the airport by public transport in just 30 minutes. Competitive Advantages:•Pool - in this segment and location is a unique advantage that is absent from all competitors. •Thanks to the combined use of seasonal prices and the target consumer, this apart-hotel loading accounts for 75% of the number of rooms on average per year. •Higher incomes, since the implementation of the “Hotel without personnel” idea and the high automation of business processes significantly reduce fixed costs. Prospects:The Government of the Republic of Cyprus since 2020 introduced a number of changes to the tourism legislation of the country. In particular, the conversion of basements to accommodate tourists is now permitted. This relaxation makes possible to equip in this apart-hotel an additional four double rooms. Thus, revenue will increase by 31%, which may bring an additional profit. Subject to the mentioned scenario conditions. In 2021, in accordance with the new law, it became possible to build on one more floor. This will increase the number of rooms for 12 double rooms, which will give an increase on revenue.