The famous Forest Park Hotel in Platres has been bought by XM, a brokerage company specializing in currency trading on the Forex platform.
This was announced on Tuesday, March 5, by the president of the Troodos Network organization and head of the village community of Platres, Panayiotis Papadopoulos.
According to Papadopoulos, XM acquired 100% of the hotel's share capital in a deal worth more than 10 million euros. The new owner plans to carry out a comprehensive modernization of Forest Park. It is expected that in the future the Cypriot hotel will not be inferior to the elite hotels of the Swiss ski resort St. Moritz. For this purpose, 15 million euros will be invested in the renovation of the hotel in Platres.
It is important to note that the management company NNV Mountain Resorts Ltd, which leases the hotel from the Skirianidis family (previous owners), will continue to manage it until January 2025. During this time, the new owner must obtain the necessary permits for the renovation of Forest Park. The hotel will then close for renovation works, which will last at least two years.
Papadopoulos emphasized that the deal will have a positive impact on the revitalization of Platres as well as the broader mountain resorts. He noted that the change of ownership at the Forest Park Hotel will also significantly improve the quality and level of service in the region.
Forest Park Hotel holds an important place in the history of Platres. It was built in 1936 by Yorgos Skirianidis.
The official opening of the hotel was attended by the then-British Governor of Cyprus, Sir Herbert Richmond Palmer, who cut the red ribbon. Forest Park was one of the few hotels in the region built to European standards, with bars, lounges, and dining rooms. World celebrities often stayed at the hotel. For example, the British Princess Mary and King Farouk I of Egypt.
Despite financial problems that caused the hotel to close for nine months between 2017 and 2018, Forest Park underwent significant improvements and renovations, most notably in the early 2000s. In 2018, the hotel was taken over by NNV Mountain Resorts Ltd. The hotel currently has 137 rooms located in 2- and 3-story buildings surrounded by private woodlands and gardens.
Interesting facts: In 1955, the future Nobel Prize winner in literature (1963) Yorgos Seferis created the poem "Elena" during his stay at Forest Park. The hotel is also credited with the creation of the Brandy Sour cocktail, specially designed for the Egyptian King Farouk.
It should be noted that the new owner of the hotel, XM, was founded in 2009 and is based in Limassol. With a staff of over 900 professionals and serving over 10 million clients worldwide, XM has consolidated its position as a leading international investment company offering services in more than 30 languages in over 190 countries.