Mediterranean Hospitality Venture Ltd (MHV) has sold 50% of its stake in Aphrodite Hills Resort Limited (AHRL) to WRA Consultants Ltd, a private company registered in Cyprus.
This was announced by the management of MHV on Tuesday, January 9.
It is revealed that the transaction closed on January 5, 2024. However, it still has to be approved by the Commission for Protection of Competition. It is expected that the agency will announce its decision in the coming days, after which WRA Consultants Ltd will become a full co-owner of the elite resort. It should be noted that the directors of the company are brothers Vasilis and Demetris Nikolaides. They are also executive directors of Atlantica Hotels and Resorts, which owns about 40 hotels in Cyprus, Greece, and Egypt.
Aphrodite Hills is an elite golf resort and residential complex located on the Mediterranean coast, 15 km away from Paphos.
The infrastructure of the resort includes an 18-hole golf course, which has the status of Cyprus PGA National, a golf academy, tennis courts, a spa center, restaurants, a riding club, a 5-star hotel, stores, car rental office. Aphrodite Hills Resort Ltd designs develops, and manages all of the resort's real estate projects.
The history of the large-scale project began in 1933 when Costas P. Lanitis bought up land near the villages of Alektora and Kouklia, some of which today form the Aphrodite Hills Resort. His eldest son, Evagoras Lanitis, dreamed of creating a golf resort that could compete with the best resorts in the world. The idea, which appeared in the 1970s, was nurtured until the 1990s when the "foundation stone" of this ambitious project was laid.
In 1997, the master craftsmen of SASAKI Associaters, Inc. in collaboration with recognized golf architect Cabell Robinson created a golf course design for the resort.
During the design process, great care was taken to prevent the new facility from negatively impacting the environment. In addition, it was important to preserve sites that provide archaeological value. A large number of foreign and local architectural firms worked on the design of the resort's luxury villas and apartments. The designers strived to create modern buildings in harmony with the landscape of the area.
In October 2002, the construction of the resort's golf course and golf club was completed, as well as the construction of the resort's road network, totaling 11 kilometers, and in 2005 - the infrastructure of Aphrodite Hills.
In 2018, Aphrodite Hills Golf Course received the highest recognition in the world of professional golf PGA National, Cyprus, and IAGTO (International Association of Golf Tour Operators) awarded Aphrodite Hills Resort the prestigious "Best European Golf Resort 2018" award. The resort currently has over 750 luxury villas, junior villas, and apartments that have already found their owners. The main part of residential complexes is located in the western part of the resort. The eastern part of the resort is reserved for villas built according to individual projects. Buyers of real estate resort Aphrodite Hills are attracted by the high quality of housing, magnificent natural landscapes, and low density of building area, which does not exceed 10%. The homes offer beautiful views of the Mediterranean Sea, mountains, and golf course.