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(Visited 615 times, 1 visits today)
  • Transaction / Assets
    Parklane Hotel in Limassol
  • Seller
    C.C.C. Tourist Enterprises Public Company Ltd, and Emerald Coast Properties Ltd
  • Buyer
    Invel RE Management
  • € MM
    90

Cyprus: Invel purchased five-star hotel in Limassol

Parklane, the 5-star hotel complex located in Limassol and a Luxury Collection Resort & Spa brand of Marriott International, has been purchased by Invel Real Estate management

Invel (which controls by 98.15% Prodea REIC) agreed to buy for about €90 m 100% of the shares of the company Parklane that owns the hotel. Parklane is owned at 24,98% by C.C.C. Tourist Enterprises Public Company Ltd, and at 75.02% by Emerald Coast Properties Ltd.

The two companies have signed a Memorandum of Understanding with Invel Real Estate Management (Cyprus) Ltd, giving them the exclusive right to proceed with the due diligence study, and if satisfied to proceed with the acquisition of 100% of Parklanes issued shares.

The hotel was radically renovated two years ago and the renovation cost €70 m. It has 274 rooms and suites (222 rooms and 52 suites), eight restaurants, four bars, 18 event and conference rooms, three swimming pools, 2,700 sqm Thalasso Spa, 3,000 sqm kids park which among other things will include a children’s castle of 400 sqm and a lake with a pirate ship.

The agreement is expected to be completed by January 23, 2021.

Original Source: eRed.gr

Adaptation/Summary: Kiki Athanasiadis