American investment giant Blackstone has acquired a stake in the Olympic Lagoon Resort, one of Paphos’s best-known coastal hotels, and will share control of the property with Cyprus-based Kanika Group.
The Competition Protection Commission announced approval of the deal, which sees New York Stock Exchange-listed Blackstone enter Cyprus’s hospitality sector through the jointly controlled property.
Blackstone acquired its stake through Cyprus-registered Querin Limited, a subsidiary created specifically for the transaction. The deal gives Blackstone and Kanika Group joint control over Olympic Lagoon Resorts Paphos operations and strategy.
The Olympic Lagoon Resort sits on Paphos’s coastal avenue and caters primarily to international tourists visiting the western Cyprus resort town.
Global investor enters Cyprus
Blackstone operates as a global alternative asset management company with investments managed and financed independently across its portfolio. The firm manages hundreds of billions of dollars in assets worldwide, including significant hotel and real estate holdings.
Kanika Group is a Cyprus-based investment company whose subsidiaries operate hotels across the island, managing both owned properties and third-party hotels. The group’s activities span hotel management, property development, real estate management and construction.
The target company, K.A. Olympic Lagoon Resort Limited, is registered in Cyprus and exclusively owns the Olympic Lagoon Resorts Paphos property.
The commission’s approval allows the transaction to proceed, marking Blackstone’s entry into direct hotel ownership in Cyprus’s competitive coastal resort market.