Due to the coronavirus pandemic, that caused delays in the complex study, the transfer of the Parklane Hotel to Invel Real Estate Management has been postponed for another month.
The Invel Real Estate Management should have bought a controlling stake of the hotel by 23 February.
As you may remember, currently 24.98% of Parklane Hotel shares are owned by CCC Tourist Enterprises Public Company Ltd, another 75.02% are by Emerald Coast Properties Ltd.
On October 26, 2020, the companies signed a “Memorandum of Understanding” which gives Invel Real Estate Management the exclusive right to conduct a complex study and then buy 100% of Parklane's 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 at a price of € 22,500,000.
By the way, 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 holiday destination for all categories 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 also offers services for children, a treatment room and a spacious spa offering thalassotherapy. There are several restaurants and 2 bars on site. The hotel houses a hair salon, business center and state-of-the-art gym, as well as 3 tennis courts.
On November 15, 2020, the hotel was suspended for the winter season. The Parklane Hotel is expected to reopen from March 15, 2021.