HIP EXPANDS ITS INTERNATIONAL PRESENCE
WITH ITS FIRST HOTEL IN CYPRUS
- Olympic Lagoon Resorts Paphos, a five-star resort with 276 rooms, is located on the beachfront in the most exclusive and sought-after region of Cyprus.
- It is an all-inclusive resort with spacious rooms and extensive common areas, ideal for both families and couples, thanks to its exclusive areas for adults.
- The hotel has six swimming pools, an entertainment arena with capacity for 340 people, a spa and gym, tennis and football courts, as well as children's and youth clubs. It also offers a wide variety of dining options, including six restaurants (four à la carte) and five bars.
- In line with its business strategy, HIP will invest an additional €17 million to upgrade and reposition the hotel. A leader in hotel investment, HIP has allocated more than €800 million to transform and upgrade its current portfolio of resorts and tourist hotels.
Barcelona, 7 January 2026. – Hotel Investment Partners (HIP), one of the leading owners of resort hotels in Southern Europe owned by funds managed by Blackstone and GIC, today announced the addition of its first hotel in Cyprus to its portfolio, the Olympic Lagoon Resorts Paphos, a five-star resort located on the beachfront in the most exclusive and sought-after region of the island. Paphos has 18 Blue Flag beaches, a historic centre and archaeological sites designated as UNESCO World Heritage Sites. It is also one of the few Mediterranean destinations that operates year-round, given its southern location and its appeal for beach tourism as well as sports and wellness offerings.
Olympic Lagoon Resorts Paphos
The hotel, located in the most exclusive area of Paphos, with direct access to a Blue Flag beach, has spacious rooms and large common areas, ideal for both families and couples, thanks to its exclusive areas for adults. The hotel has five outdoor swimming pools and one indoor pool, an entertainment arena with capacity for 340 people, a spa and gym, tennis and football courts, as well as children's and youth clubs. It also offers a wide variety of dining options, including six restaurants (four à la carte) and five bars.
Funds managed by Blackstone have acquired the hotel from Amathus and Kanika. Kanika which is one of the leading operators in the Cypriot market with five first-class resorts (1,074 rooms) in the regions of Paphos and Ayia Napa (Famagusta District). The agreement stipulates Kanika - which operates its resorts under two different brands: 'Olympic Lagoon Resorts', all-inclusive hotels for families and couples, and 'MadeForTwo Hotels', exclusive hotels for adults only - will remain as the manager of Olympic Lagoon.
In line with its business strategy, HIP will invest an additional €17 million to upgrade and reposition the hotel, including the renovation of rooms and common areas. Over the last three years, Kanika has been investing to improve the hotel spaces and its culinary offering.
Cyprus has established itself as one of the fastest-growing Mediterranean destinations with four million international arrivals in 2024. HIP, present in Greece since 2019, has hotels on the islands of Crete and Rhodes, two destinations close to Cyprus.
The hotel will integrate sustainability as a key element of the value creation strategy. During the asset's transformation, various energy efficiency measures are planned, including improvements to the Heating, Ventilation, and Air Conditioning (HVAC) system, the optimisation of energy measurement and control systems, and the incorporation of LED lighting. In addition, the hotel expects to obtain the international BREEAM certification, which will validate its commitment to sustainability.
With this new acquisition, the company is expanding its international presence in high growth tourism destinations, adding to its ten assets in Greece, six in Italy and two in Portugal.
HIP is committed to generating value for the destinations in which they operate through investment and repositioning of its hotel assets. As a leader in hotel investment, the company has allocated more than €800 million to transform and upgrade its current portfolio of resorts and tourist hotels.
About Hotel Investment Partners (HIP)
HIP (Hotel Investment Partners) is a leading owner of resort hotels in Southern Europe founded in 2015. The business, owned by funds managed by Blackstone and GIC, currently has a portfolio of 71 leisure assets totalling more than 22k keys across Spain, Greece, Italy and Portugal. HIP has an in-house team of over 100 professionals specialising in the acquisition, transformation, and ownership of well-located but undercapitalised hotels in prime coastal locations. HIP partners with global brands, including Ritz-Carlton, Barceló, AMR Resorts by Hyatt, Hilton, Ledra and Marriott to provide an improved guest experience.