Invel Real Estate Management announced on Monday, April 12 that the buyout of the Parklane Hotel was successfully completed.
In accordance with the previously signed Memorandum of Understanding, CCC Tourist Enterprises Public Company Ltd sold 24.98% of the issued Parklane shares to Emerald Coast Properties Ltd, which owned 75.02% of the issued shares.
At the same time, Emerald Coast Properties Ltd entered into a separate agreement with MHV Mediterranean Hospitality Venture Limited, which got 100% of Parklane's shares.
MHV Mediterranean Hospitality Venture Limited is a subsidiary of Invel Real Estate Management (Cyprus) Ltd.
The 24.98% stake in Parklane Hotels Ltd, formerly owned by CCC Tourist Enterprises Public Company Ltd, was valued at 22.5 million euros. It should be noted that the buyer paid for them in cash.
As part of its strategic cooperation in the hotel business, the shares were distributed as follows: 45% went to Mediterranean Hospitality Venture Limited (MHV), 45% to PRODEA Investments, and 10% to a subsidiary of Invel Real Estate.
According to the founder and managing director of Invel, Christopheros Papachristophorou, his company is betting on long-term prospects. In other words, the company does not acquire assets for subsequent sale, but invests in real estate that generates long-term income.
We are delighted to acquire the luxury Parklane Resort, which expands and complements our existing portfolio of hotels in Cyprus. Parklane, Landmark Nicosia and Aphrodite Hills Resort are three unique projects in Cyprus that we strive to develop with additional capital investments, thereby making them the best options for not only Cyprus, but also Southeast Europe, - said Papachristophorou.
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, 1 indoor and 3 outdoor swimming pools along the long sandy beach. The hotel complex also includes 18 villas with one, two and three bedrooms and private pools.
The hotel 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 hairdresser, business center and state-of-the-art gym, as well as 3 tennis courts.
Photos: DOM LiVE, pixabay.com