The occupancy of hotels in July was between 80%-85% and better results are expected for August, when occupancy rates could reach 85%-90% the Head of the Cyprus Hotels Association (PASYXE) Thanos Michaelides told the Cyprus News Agency.

He said that there are positive signs for August, as regards domestic tourism, while for September he said that situation is deemed to be satisfactory.

Michaelides said that there are last minute bookings as well. Asked about the revenues he said that they are satisfactory compared to last year, despite the losses from the Russian market because of the war.

But he explained that the rise in interest rates leads to a reduction of the profitability.

PASYXE Head said that the pandemic brought about a lot of effects, adding that the profitability must be preserved so that hotel units can make investments.

Michaelides also spoke of the issues caused due to Cyprus’ poor connectivity, such as expensive air tickets.

He said that money is needed in order to remain competitive and upgrade the product and services you offer.

Speaking particularly about Paphos region he said that a lot of projects are underway and noted the need to invest in quality.