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North Cyprus Too Bureaucratic For Marriot Hotel Deal

North Cyprus Too Bureaucratic For Marriot Hotel DealNorth Cyprus Too Bureaucratic For Marriot Hotel Deal

Hurriyet newspaper (06.11.14) reports that Serdar Bilgili, former president of Besiktas football club, who four years ago launched a project with American hotel chain Marriot said that they are on the verge of withdrawing their investment due to several bureaucratic problems that have occurred.

“We have made plans to make an investment of 150 million euro. We’ve planned to build a 350 room complex with a golf course. Cyprus had the potential to become a new Monte Carlo. However, we came across with a lot of bureaucratic problems. We agreed with Marriot hotel chain to solve them. We signed an agreement for joint investment. We started the investment, but due to several difficulties we confronted, we are on the stage of abandoning the investment. Cyprus is not an easy place for investments. The banks do not give loans. Instead of five months for a project to be approved, it takes two and a half years. I think that we should not take further risks for this investment.”

A great deal of hope in North Cyprus attracting international investment would be dashed if this is true, although seeing the completion of a number of successful projects, including those of the Merit Hotel Group, there is the possibility that the Marriot project is a one off.

 

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1 comment to North Cyprus Too Bureaucratic For Marriot Hotel Deal

  • Cyprus Sue

    No doubt this would have created jobs, brought in more tourist revenue, particularly as this hotel chain is well respected and would have positively promoted the North. Even more important is the message, that well known hotel chains are ignoring the embargo and are prepared to invest in the TRNC’s future.

    Instead the only message learnt is ” Instead of five months for project approval it will take two and a half years” and “We should not take further risks with this investment”

    In other words TRNC is not a good place for business opportunity.They appear unable to regulate and promote the property market or the commercial market. The future looks grim.