Invel Real Estate Management signed an agreement for the sale of Parklane Hotel to acquire 100% of the issued shares of Parklane.
According to an announcement by CCC Tourist Enterprises Public Company Ltd, the agreement is expected to be completed by January 23, 2021. It is an agreement with a value of approximately €90 000 000.
CCC Tourist Enterprises Public Company Ltd (the "Company"), which holds 24.98% of the issued shares of Parklane Hotels Limited ("Parklane"), announces that together with Emerald Coast Properties Ltd (the "Emerald"), which owns 75.02% of Parklane's issued shares, has signed a Memorandum of Understanding with Invel Real Estate Management (Cyprus) Ltd (the "Investor"), giving it the exclusive right to proceed in the due diligence study, and if he is satisfied to proceed with the acquisition of 100% of the issued shares of the company Parklane.
Parklane is the luxury hotel complex Parklane owner, a Luxury Collection Resort & Spa, Limassol, which has reopened in March 2019.
The completion of the share acquisition, which is subject, among other things, to the completion of the due diligence study and final, binding agreements, is expected to be completed by January 23, 2021.
According to the Memorandum of Understanding, upon completion of the shares' redemption, the company will sell 24.98% of the issued shares it holds in Parklane for the price of € 22.50 million. The transaction is expected to generate a profit, which can be calculated only after completing the redemption of shares.
We note that the Memorandum of Understanding is non-binding on all parties.
The company will keep the investing public informed of any developments.