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In April 2023, Cleo Hotel, the 7-floor Golden Seaside Hotel, and the 3-star Aegean Hotel were purchased by a Turkish Cypriot businessman (from their Greek Cypriot owners) who will operate them within 2025. [37] On 10 August 2023, the Government of Northern Cyprus decided to construct a marina and tourist facility in Varosha. [38]
Tsokkos Hotels (CY: TSH) is a hotel chain owned by the Tsokkos family. [ 1 ] [ 2 ] The business was founded in 1979 by the Andreas Tsokkos. The company is Cyprus's largest hotel chain with over 8,000 rooms in 30 hotels in Cyprus and Egypt.
In addition, resort towns are often popular with wealthy retirees and people wishing to purchase vacation homes, which typically drives up property values and the cost of living in the region. Sometimes, resort towns can become boomtowns due to the quick development of retirement and vacation-based residences. [3]
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Larger hotels in the city have casinos that cater to their customers. [42] Salamis Road is an area of Famagusta with a heavy concentration of bars frequented by students and locals. [43] Famagusta's Othello Castle is the setting for Shakespeare's play Othello. [44]
Golden Sands was privatized in the 1990s and attracted considerable investment through the 2000s. Designed initially for 13,000 hotel beds, it had over 30,000 beds reported in 2007; according to Varna Tourist Chamber sources, the actual number was significantly higher, [ 1 ] by some unverified critical estimates even approaching 90,000. [ 2 ]
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The ancient city-state of Salamis also is found on the bay, north of Famagusta. It is known for the best sandy beaches in Cyprus , which stretch for miles. 35°10′N 34°00′E / 35.167°N 34.000°E / 35.167;