Sale of Parklane Hotel in Limassol Postponed Again

Продажа отеля Parklane в Лимассоле снова откладывается
2 March 2021 Liza Medvetskaya

The transfer of the Parklane Hotel into the Invel Real Estate Management hands is again postponed. This time, the buyout of a controlling stake by the company was postponed until March 15.

This was due to delays in the comprehensive study and final binding agreements.

It should be noted that at present 24.98% of the shares of Parklane Hotel are owned by CCC Tourist Enterprises Public Company Ltd, another 75.02% are in hands of Emerald Coast Properties Ltd.

The companies signed on October 26, 2020 a Memorandum of Understanding, which gives Invel Real Estate Management the exclusive right to conduct a comprehensive study and then acquire 100% of Parklane's issued shares.

According to the Memorandum of Understanding, upon completion of the repurchase of shares, Invel Real Estate Management is obliged to sell 24.98% of shares to Parklane Hotels Limited for € 22,500,000.

Продажа отеля Parklane в Лимассоле снова откладывается

As you may know, Parklane Luxury Collection Resort & Spa is a five-star luxury hotel that opened its doors in the easternmost part of the tourist coast of Limassol in March 2019.

The resort hotel is a member of the recognized international hotel chain Marriott International Luxury Collection, an attractive vacation spot for absolutely any category of tourists, including couples with children.

The hotel offers its guests 274 comfortable and cozy rooms with modern design, as well as 1 indoor and 3 outdoor swimming pools along the long sandy beach. The hotel offers services for children, a treatment room and a spacious spa offering thalassotherapy. There are also several restaurants and two bars. The hotel has a hairdresser, business center and modern gym, as well as three tennis courts.

The hotel was suspended on November 15, 2020 for the winter season. The Parklane Hotel is expected to reopen on March 15, 2021.

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