(Commonwealth_Europe) Hellenic Bank reaffirmed its commitment to supporting Cyprus’ hospitality industry by participating in the 46th Cyprus Hotel Summit and Horeca Expo in Limassol, where the sector’s challenges and growth opportunities were discussed in depth. The event, organized by the Cyprus Hotel Association (Pasyxe), strongly emphasized innovation and growth, sending a clear message of optimism and resilience for the industry in the face of modern demands.
The summit underscored the hospitality sector’s critical role in Cyprus’ economic landscape, with the Hellenic Bank highlighting its ongoing support for the industry. Phivos Stasopoulos, the General Manager of Wholesale Banking at Hellenic Bank, emphasized that a strategic partnership between banks and hoteliers is essential for the development and stability of the sector. He further elaborated that hotel financing constitutes a significant portion of the bank’s corporate loan portfolio, showcasing the deep interconnection between the financial and hospitality industries.
During the conference, Stasopoulos detailed how financial institutions, such as Hellenic Bank, are integral to the construction, renovation, and expansion of hotel facilities. He stressed the importance of offering tailored financial solutions to meet the unique needs of the hospitality sector. According to Stasopoulos, hoteliers should view banks not just as providers of financial services but as key strategic partners working together to drive the industry forward.
The bank said that they could work together with hoteliers in a number of important ways besides just lending money. For example, they could help with funding for new hotels, renovations, and purchases, all of which could be made easier by using special financial tools made just for this purpose. Stasopoulos also touched on the growing importance of sustainability investments, specifically in terms of environmental, social, and governance (ESG) initiatives. The bank has made sustainable investments a central part of its strategy, aligning with the sector’s increasing focus on green practices and responsible business operations.
Crisis management was another significant point of discussion. Stasopoulos reflected on the support that the bank provided to the hotel industry during the COVID-19 pandemic, illustrating the importance of proactive financial management in times of crisis. He also highlighted the need for long-term risk management strategies, including the creation of debt service reserve accounts (DSRA) and the building of financial buffers for hotel refurbishments. These measures are crucial for preparing the sector for future economic downturns, ensuring long-term stability.
Beyond financial support, Hellenic Bank also sees itself as a driver of growth within the broader business ecosystem. Through reward programs, mixed-use property developments, and market expansion initiatives, the bank aims to foster wider economic opportunities for the hospitality sector. Stasopoulos pointed out that banks are increasingly becoming integrated into a network of businesses that connects hoteliers with visitors, travel agents, suppliers, and customers, all of whom are essential to the success of the industry. He reiterated that banks must remain reliable and trusted partners, offering innovative solutions that are specifically designed to meet the evolving needs of the hospitality sector.
The summit also featured an awards ceremony that recognized the individuals and businesses who have made significant contributions to the growth and success of Cyprus’ hospitality industry. In addition, attendees had the opportunity to explore the updated Horeca Expo, which showcased a wide range of innovative products and services. Highlights of the expo included wine tastings, gastronomic presentations, and best practices within the industry, providing an excellent platform for professionals to learn and exchange ideas.
Kostas Koumis, Cyprus’ Deputy Minister of Tourism, delivered an optimistic keynote address in which he outlined the strategic planning required to address the evolving challenges faced by the tourism sector. Looking ahead to 2025, Koumis expressed confidence in the continued growth of Cyprus’ tourism, with a particular focus on the themes of innovation, sustainability, and extending the tourist season beyond traditional peak months.
Thanos Michaelides, the president of Pasyxe, also shared his optimism, highlighting the record visitor numbers Cyprus has seen recently, as well as the ongoing efforts to diversify the tourism market. His remarks echoed the sentiments expressed by the Minister of Tourism, underscoring the importance of adaptation and forward-thinking strategies to ensure the sustained success of Cyprus’ hospitality and tourism industries.
