Radisson Hotel Group Signs With Stenson Investments Limited for Radisson Blu Hotel in Cyprus

Belgium, Brussels. June 10, 2019

Radisson Hospitality AB, part of Radisson Hotel Group, is proud to announce its entry into the capital city of Cyprus with the signing of the Radisson Blu Hotel, Nicosia. Building on an already-successful partnership, the new deal with Stenson Investments Limited as a subsidiary of Quality Group is part of the master development agreement with Sunnyseeker Hotels to develop a minimum of six hotels and resorts, bringing almost 1,000 rooms into operation by 2025.

The Radisson Blu Hotel, Nicosia will be located on Salaminos Road in the city center, and walking distance from attractions such as the Aqueduct of Nicosia and the Liberty Monument at the Podocattaro Bastion of the Venetian walls. Visitors to the Cypriot capital will enjoy a curious and fascinating mix of vibrant street life and a rich history. The hotel will also be easily accessible with Glafcos Clerides Larnaca International Airport being located 40km from the property.

Elie Younes, Executive Vice President & Chief Development Officer, Radisson Hotel Group, said: "We're delighted to further expand our partnership with Quality Group and Sunnyseeker Hotels in Cyprus and thank them for their continued trust in our people and our brands. This will be our third hotel together on this beautiful island. We look forward to further growing together and cementing our network as the largest international hotel operator on the island."

The newly built 180-room hotel will consist of 150 standard rooms and 30 generous suites. Dining options will include an all-day dining restaurant, a specialty bar and restaurant with locally inspired dishes - with the property also featuring leisure facilities like a fitness room and wellness center. The hotel, which will also offer 500sqm hi-tech meeting and events spaces for the local and international business communities, will be the newest conference venue in the city.

Savvas Kakos, CEO of Quality Group,said: We would like to express our contentment at the fact that the collaboration between us and Radisson Hotel Group is continuing to grow and develop meaningfully. Following the delivery of Radisson Blu Hotel Larnaca, back in August 2018, Quality Group announced the Radisson Beach Resort Larnaca (Princess Beach), which is already under construction with May 2020 being the anticipated delivery date. Today, we feel very excited and proud to announce the development of Radisson Blu in the capital. The arrival of Radisson Hotel Group in Nicosia reveals the trust shown towards Quality Group, as it showcases with the best possible way a successful and tested recipe for collaboration."

The arrival of the Radisson Blu Hotel, Nicosia will complement the Radisson Blu Hotel, Larnaca already located on the popular south coast of Cyprus, along with upcoming Radisson Beach Resort Larnaca. Radisson Hospitality AB operates all properties under an international license agreement with Sunnyseeker Hotels, a rapidly expanding hotel management company.

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Revenue Management: Focus On Profit

Revenue Management is still a relatively new profession within hotel operations and as such, it continues to evolve. One significant trend in this area is a shift away from using revenue as the foundation to generate key performance indicators (KPIs) and to instead place the emphasis on profit. Traditionally, revenue managers have relied on total revenue per available room (TrevPAR) and revenue per available room (RevPAR) as the basis of their KPIs. Now, some revenue managers are using gross operating profit per available room (GOPPAR) as their primary KPI. This puts profit at the center of revenue management strategy, and managers are increasingly searching for new ways to increase the profitability of their hotels. Return on Investment is the objective of any hotel investment, so it is only logical that profitability and ROI will be emphasized going forward. Another trend is an expanded focus on direct hotel bookings. Revenue managers know that one way to increase profitability is to steer guests away from online travel agencies (OTAs) and book directly with the hotel. This tactic also reinforces brand identity and loyalty, and encourages repeat business. In addition, it provides a valuable platform to market the hotel directly to the customer, and to upsell room upgrades or other services to them. Another trend for revenue managers involves automation in their software programs. Revenue management systems with automation are far more desirable than those without it. Automating data entry and logistics increases efficiency, allowing managers to spend more time on formulating strategy. As a bonus, an automated system helps with aggregating and interpreting data. The October issue of the Hotel Business Review will address these developments and document how some leading hotels are executing their revenue management strategies.