Iconic PHOENICIA HOTEL Reopens in Lebanon

The Phoenicia is a true landmark hotel of Beirut. It has just reopened after being repaired following the damage caused by the port explosion in 2020.

Work is still ongoing in the hotel’s original Phoenician Tower and its Roman Tower expansion, both due for completion by the end of the summer.

Tourism has always been a strong part of the Lebanese economy. It has tried to reach its own goal of again becoming the ‘Paris of the Middle East’, which it was back in the 1950 prior to the civil war in the mid 1970’s. Due to travel restrictions, political instability, and the collapse of the financial sector, the tourism sector is struggling.

The Lebanese diaspora is strong and approx. 1.2 million visitors booked hotels for the summer. This will help the tourism sector reach pre-pandemic levels despite the cost of living crisis.

The Phoenicia hotel was built in 1953. It had an iconic design and included several features of traditional Levantine architecture, including its high ceilings, grand staircases, and towering marble pillars. It opened in 1961 and ran almost at 100% occupancy all the time.

NEW ZEALAND OFFERS NEW INVESTOR MIGRANT VISA

New Zealand has launched a new investor migrant visa to attract experienced, high-value investors to invest in the country’s domestic businesses.

The new ‘Active Investor Plus’ visa replaces the old investment visa and requires migrants to make investments in New Zealand businesses. The aim is to encourage more ‘active’ investment in New Zealand companies.

Under the new rules, applicants will be able to invest over a 3-year period and maintain investments up to a 4th year.

The minimum investment is UK£2.6 million. It will cap so-called passive investment to 50% of a minimum UK£7.9 million investment.

Applicants will also need to spend at least 117 days in New Zealand over the 4 year investment period, or about a month a year. By spending time in the country, it increases the probability of further active investment.