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Cyprus Hospitality and Leisure Group
Autumn 2014
www.pwc.com.cy
Industry Qualification Statement
Hospitality and Leisure
2 PwC Cyprus
Foreword
Solutions
Expertise
Experience Record
Why PwC?
PwC Cyprus Hospitality & Leisure team
PwC in Cyprus
PwC offices in Cyprus
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Table of contents
“creating sustainable value for the tourism industry, supporting the efforts of the tourism community, turning vision into the right strategy”
Industry Qualification Statement 1
Hospitality has been an integral part of the Cypriot culture from the ancient times and the powerhouse which has helped to build our modern economy. During the last years tourism has experienced significant increase, mainly due to the growing number of tourists from Russia and Eastern Europe. Despite this increase, the figures are still lower compared to 2000 and 2001.
Going forward, tourism may well prove to offer a significant “economic injection” and play a significant role in revitalising the Cyprus economy. Despite the global economic uncertainty, according to statistics released by the World Tourism Organization (UNWTO), more than one billion tourists globally travelers outside their countries’ borders in 2012, reaching 1087 million tourists in 2013, with a prediction of 1,8 billion tourists by 2030. This proves the size of the opportunities for our tourism industry.
PwC in Cyprus has a vital role in the development and further advancement of the tourism industry and of the businesses and organisations functioning in this sector. Our firm has been the trusted advisor to some of the most important local and international tourism enterprises, as well as to relevant governmental authorities and Ministries.
We are implementing a distinctive methodology that leverages the expertise of our teams to offer customised services and solutions to help create the value that our clients are looking for. PwC in Cyprus has been actively supporting various tourism related institutions and associations, sponsoring studies and surveys, organising educational workshops, encouraging the creation of “think tanks” and networking the various stakeholders of the industry.
This booklet summarises our relevant experiences and competencies in the tourism industry and presents a brief profile background of the Hospitality and Leisure team.
Our commitment is to continue to proactively engage with the tourism industry on issues that will prove to be important leveraging our local and global expertise and to use innovative tools that would help the industry succeed.
Foreword
Evgenios C Evgeniou CEO, PwC Cyprus
2 PwC Cyprus - Hospitality and Leisure
The Hospitality & Leisure Group provides integrated services to the hotel sector, including:
• feasibility studies • mergers and acquisitions • restructuring plans • crisis management • strategy and business plans • valuations • negotiation of management contracts and/or
franchise agreements • sourcing of finance • review of development plans • operational reviews • tax planning • VAT health checks and identification of VAT
savings opportunities • standards audit • project management • sustainability and regulatory compliance • destination management
Solutions
PwC professionals offer specialised experience in the hospitality and leisure industry having an in depth understanding of the changing market forces that are affecting the industry.
We are committed to promoting the highest quality of professional consulting standards and practices for hospitality and leisure clients.
Particular areas of expertise include:
• Detailed understanding of hotel costings and key performance indicators,
• In-depth knowledge of the finance function in hotel operations • Practical and thorough knowledge of the revenue cycle process in
the hotel sector, • Understanding of the cost bases associated with hotels, resorts and
leisure centres, • In depth knowledge of hospitality and destination sustainability
issues, • Specialisation in direct and indirect tax issues affecting the travel
and tourism industry, • Destination management
Expertise
Industry Qualification Statement 3
4 PwC Cyprus - Hospitality and Leisure
Indicative work carried out for local and international clients includes:
• Development of new theme hotel near the new Larnaca airport • Golf course development in a luxury hotel complex • Sustainability Management Systems (Quality, Environment, Health and
Safety, Food Safety) • Valuations, Mergers and Acquisitions for local hotel groups • Sustainable tourism strategy development and assessment for both the
hospitality business as well as the destination • Srategy formulation and development for Regional Tourist Authorities • Reorganisation studies for large private groups • Destination management • •
Experience RecordIndicative work
Industry Qualification Statement 5
Cyprus Tourism Organisation
Experience RecordIndicative clients
6 PwC Cyprus - Hospitality and Leisure
PwC Cyprus Hospitality & Leisure brings a unique combination of strengths, including:
• in-depth knowledge of hotel operations
• a strong track record in the production of high-quality sectoral reviews
• extensive experience of qualitative and quantitative research techniques
• a strong reputation for exactitude, rigour, independence and impartiality
• access to PwC international hospitality and leisure network
Why PwC
Hospitality and leisure businesses need to meet the challenges of today’s market by understanding and establishing strategies to meet consumer trends, economic conditions, technology, competition and sustainability.
Industry Qualification Statement 7
PwC Cyprus Hospitality and Leisure teamPetros C Petrakis, Partner, In charge of Hospitality & Leisure GroupT: 00357 25 555 250, F: 00357 25 555 001, [email protected]
Petros C Petrakis, BA (Hons), MBA, FCA member of ICAEW, is a Partner in the Assurance & Advisory Service Line, Member of the Board of PwC Cyprus. He has extensive experience in the Hospitality and Leisure Industry of more than twenty years. Petros has been providing assurance and advisory services to a large number of prominent organisations in the sector including a number of listed groups.
George A Ioannou, Director, ConsultingT: 00357 22 555 752, F: 00357 22 555 001, [email protected]
George Ioannou BSc (Hons) Eng., MSc C.Eng, CMC, is a Director in Consulting, responsible for Sustainability Business Services. He has over 20 years’ experience in the provision of services in the areas of sustainability management systems, Sustainable Tourism and Corporate Social Responsibility strategy development and reporting as well as capability building for the special incentives forms of tourism. He has managed large sustainability projects in the areas of solid waste and pollution prevention in the Hospitality & Leisure industry. He specialises in sustainable tourism destinations with focus on the provision of services in the areas of the Environment and Quality as well as tourism strategy development.
Ioanna M Ioannou, Senior Manager, AssuranceT: 00357 24 555 207, F: 00357 22 555 001, [email protected]
Ioanna Ioannou BSc, FCA member of ICAEW, is a Senior Manager in the Assurance and Advisory Service Line, working with PwC Cyprus for more than 14 years and has extensive experience in the Hospitality and Leisure Industry, servicing mainly local hotels.
8 PwC Cyprus - Hospitality and Leisure
George Shiammoudis, Senior Manager, DealsT: 00357 22 555774, F: 00357 22 555 001, [email protected]
George Shiammoudis, BSc, MSc, ACA, is a senior manager in Deals & Corporate Finance. George has extensive experience in Hospitality and Leisure industry assignments including valuations, M&A advice, preparation of business and strategic plans, feasibility studies and corporate turnaround services. He has been participating in the team advising the Government and various local authorities on the formulation of tourism strategy and various infrastructure projects such as marinas.
Panagiotis Moiras, Manager, ConsultingT: 00357 22 555 763, F: 00357 22 555 001, [email protected]
Panagiotis Moiras BA (Hons), MSc, MCIM is a Manager in the Assurance & Advisory Service Line of PwC Cyprus. He has had key positions in various projects in Cyprus and Greece focusing on marketing and communication, strategy formulation projects, design, implementation and monitoring of action plans for tourism companies and organisations (both in the public and private sector). He has also been actively involved in conceptualising and developing destination management methodologies as well as assisting business and organisations in exploring various funding opportunities related to the H&L industry. Panagiotis is also a visiting lecturer at the University of Nicosia on contemporary tourism subjects, a member of its Business Advisory Board and the liaison person with PwC’s Chair hold in the University.
PwC Cyprus Hospitality and Leisure team
Stavri Zenonos, Manager, Indirect TaxT: 00357 25 555 011, F: 00357 25 555 001, [email protected]
Stavri Zenonos, BSc (Econ), ACCA member, is a Manager in the Indirect Tax Line of Service of PwC Cyprus. Stavri has a solid experience in Indirect Tax and specialises in the Hospitality and Leisure Industry. She has delivered many seminars, in particular to Hotel and Tourism Operators and has been providing Indirect Tax services to a large number of companies in the sector including listed companies. She has been involved in various projects in the Tourism Industry identifying VAT issues and opportunities.
PwC in CyprusWe support you create the value you are looking for by providing specialised solutions based on quality. Together we build relationships based on trust and we say things as they are, to assist you deal with issues that tomorrow will prove important.
We adapt the expertise of our more than 900 professionals in Cyprus and the power of our global network of 195,000 experts in 157 countries to your specific needs, helping you make the difference.
In a demanding and challenging business environment, our diverse teams of experts are sharing deep knowledge and experience. We provide a broad range of services as listed below to meet your increasingly complex needs.
• Assurance • Tax Advisory
• Consulting • Corporate Compliance
• Deals • Indirect Tax
• Company Administration
• Legal Services
Our industry specialisation in the following sectors, gives you the benefit of our in-depth industry knowledge and experience.
• Banking • Energy
• Insurance • Hospitality & Leisure
• Forex • Transportation & Logistics
• Other CySec regulated entities • Public Sector
• Funds • Retail, Consumer & Manufacturing
• Real Estate • Telecommunications
• Construction & Engineering
Nicosia
Mailing address: P O Box 21612, CY-1591 Nicosia, Cyprus
Street address: Julia House, 3 Themistocles Dervis Street, CY-1066 Nicosia, Cyprus
T: +357 - 22555000, F: +357 - 22555001
Limassol
Mailing address: P O Box 53034, CY-3300 Limassol, Cyprus
Street address: City House, 6 Karaiskakis Street, CY-3032 Limassol, Cyprus
T: +357 - 25555000, F:+357 - 25555001
Paphos
Mailing address: P O Box 60479, CY-8103 Paphos, Cyprus
Street address: City House, 58 Grivas Dighenis Avenue, CY-8047 Paphos, Cyprus
T:+357 - 26555000, F:+357 - 26555001
PwC offices in Cyprus
Designed by: PwC Cyprus (Marketing & Communications Department)
This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors.
©2014 PricewaterhouseCoopers Ltd. All rights reserved. In this document, “PwC” refers to PricewaterhouseCoopers Ltd of Cyprus, which is a member firm of PricewaterhouseCoopers International Limited, each member firm of which is a separate legal entity.
Visit www.pwc.com.cy to discover the benefits we can bring to you.
