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  • Amavi | MadeForTwo Hotels - Paphos
  • Amanti | MadeForTwo Hotels - Ayia Napa
  • Olympic Lagoon Resorts - Ayia Napa
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  • Alexander the Great Beach Hotel - Paphos
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Since 1975

Discover a story of vision and service that began in 1963 and the prominent hotel and property industry leader that Kanika is today.

Kanika Timeline

Our success to date is the result of a philosophy of ongoing improvement and innovation, an approach which has been adopted by our employees and recognized and appreciated by our guests.

  • 1962

    The Beginning

    A story that began in 1962, when the group’s founder, Theodosis Karaolis established his own very successful architectural firm on the east coast of the island – in the town of Famagusta. 

  • 1975

    The Birth
    of Kanika

    Determined to re-create his earlier business success and vision for Cyprus, Theodosis Karaolis relocates to Limassol after two years, to establish a new venture with two friends, concentrating on land development and construction. 

  • 1978

    The First
    Kanika Hotels

    Anticipating and providing for, the rapid development of tourism the Kanika Group builds and opens two hotels in Limassol- the Kanika Beach and Kanika Twin – further developing its knowledge, experience and leadership in the industry.

  • 1980


    Another milestone year for the Kanika Group with construction of the innovative and ambitious Kanika Enaerios Complex, consisting of 750 apartments, 250 shops offices and a hotel. It is still regarded as one of the largest construction projects ever in Cyprus. 

  • 1988

    Kanika opens it’s (at the time) largest and most profitable hotel: Alexander the Great Beach Hotel in Paphos. It occupies one of the most privileged locations in the Republic and will go on to win numerous awards.

  • 1991

    Agia Napa

    Kanika charms tourists, opening the Olympic Napa Hotel in the popular resort of Agia Napa. Following a later multi-million euro renovation and upgrade programme – and with a new name – it remains a major, award-winning, European destination.

  • 1999

    Island – Wide

    By this stage, Kanika Group had built major projects across the island – in Limassol, Agia Napa, Larnaca and Paphos – delivering hundreds of high quality and much sought after apartments, villas, offices and shops in stunning locations.

  • 2000

    Kanika Lists
    On the Stock Exchange

    Kanika Group lists its shares in Kanika Hotels Ltd on the Cyprus Stock Exchange (CSE) on December 29/2000. At the time, Kanika Hotels included the Kanika Pantheon in Limassol, Olympic Napa in Agia Napa, and Alexander the Great in Paphos.

  • 2004/5

    Major Awards

    The local and international awards received by the Group now number in excess of 100. Special highlights in 2004 are receiving the ECO-Q Quality Award from the Cypriot Quality Community for Kanika Hotels. Alexander the Great was awarded the best worldwide Winter Sun 5T Gold Medal from Thomson UK in 2005. 

  • 2006

    Elias Beach Joins Kanika

    Another hotel, Elias Beach, joins the ever-expanding Kanika portfolio. Overlooking an EU Blue Flag Beach yet close to the incredible ruins of the ancient royal city of Amathus with echoes of the Cult of Aphrodite, it has wide market appeal. A fruitful collaboration that lasted a total of fifteen years – until 2021.

  • 2010

    A 2nd Export Award

    The prestigious Export Awards, organised by the Ministry of Commerce, Industry and Tourism and the Cyprus Chamber of Commerce and Industry, recognise companies which were most successful in exporting products or services in a highly competitive environment. It was Kanika Hotels’ second honour in three years.

  • 2011

    The Olympic Lagoon Resort, Agia Napa, now renovated and upgraded, is re-launched as the first luxury theme resort of its kind on the island, adding a new dimension to the Kanika portfolio and the Cyprus tourism industry.

    Ithaki Foundation

    As part of its Social Responsibility Programme, Kanika founds Ithaki, a non-profit organisation in 2011. Its aim is to provide awareness, education and practical support for those with dementia and the wider communities in which they live.

  • 2012

    Best for Weddings

    Travel Weekly recognises Olympic Lagoon Agia Napa as the hotel that is “Best for Weddings & Honeymoons Worldwide 2012”.

    Alexander Revisited

    2012 is also the year that the Kanika Group undertakes the complete renovation and upgrade of its hugely popular Alexander the Great in Paphos.

  • 2013

    Designs for a New Hotel

    Kanika, in collaboration with Amathus Public Ltd, redesigns the former Amathus Hotel in Paphos, later to be launched as its second resort hotel on the island – Olympic Lagoon Resort, Paphos. Plans for the spectacular hotel draw immediate international acclaim.

  • 2014

    Best Hotel
    in Cyprus

    Trip Advisor names Alexander the Great Beach Hotel as the best hotel in Cyprus in 2014.

  • 2015

    A Brand New Resort

    After the overwhelming success of our first Olympic Lagoon Resort in Agia Napa, our seafront hotel in Paphos – the youngest member of our family welcomed its first guests in June 2015.

  • 2016

    Anniversary Celebrations

    Celebrating an impressive 40 years, Kanika Group’s vision is to further expand its activities, continually strengthening its name and reputation in domestic and overseas markets. Construction begins on its first spectacular adults-only Made for Two Hotel, in Paphos, which is expected to open in 2019.

  • 2018

    A New 5-Star Experience

    Voted best family hotel in Cyprus by trip advisor’s Travelers’ choice awards 2018, the guest experience at Agia Napa’s Olympic Lagoon Resort is now more inspiring than ever before, with a major facelift and new 5-star status giving new meaning to Holidaying in the most luxurious way. 

  • 2019

    The First MadeForTwo

    Welcoming guests from all over the world, the first member of MadeForTwo Hotels – Amavi, a couples-only luxury resort first opened its doors in March 2019 and has already earned a reputation as the ultimate getaway for those in love.

  • 2021

    A brand new MadeForTwo Hotel

    After the successful launch of the first MadeForTwo Hotel, the Amavi in Paphos, Kanika Hotels & Resorts announces the launch of the second MadeForTwo Hotel, the Amanti in Ayia Napa.

  • 2022

    Amavi, MadeForTwo Hotels wins multiple awards

    • Trip Advisor #1 of 71 hotels in Paphos (2019-2022)
    • Traveller Review Awards, Booking.com (2022)
    • Trip Advisor Best of the best (2022)

    Amavi Hotel Awards

  • 2022

    Unveiling the Amanti, MadeForTwo Hotels

    Amanti, MadeForTwo Hotels, a couples-only luxury resort opened its doors on 22 May 2022, in the cosmopolitan Ayia Napa. A sister hotel of the popular Amavi hotel, welcomes guests from all over the world.

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