Insider Business Berengaria Hotel finds investors

Berengaria Hotel finds investors

The revival of the historic Berengaria Hotel in Prodromos is just around the corner now that investors have expressed an interest, Phileleftheros reports.

Specifically, Gordian Holdings which own the property have reached agreement with Planet Vision and foreign investors who want to buy and renovate the mountain hotel.

The hotel chain Sofitel is also likely to be involved in the ambitious project, according to insiders.

Bank of Cyprus had tried and failed to offload the property, including through auctions. Berengaria then passed into the hands of Gordian Holdings which purchased BoC’s ‘Helix’ package of non-performing loans. That package included the NPLs of Ocean Tankers – the former owners of Berengaria.

But while Gordian and investors have brokered a deal, there is delay in the implementation of the project because of the slow process to secure the approval of the Town Planning Department and Department of Land Surveys.

What’s certain though is that the re-opening of Berengaria will give new impetus to Prodromos and mountain areas.

The hotel today is in a very bad state, especially after the heavy rainfall of recent weeks. Nonetheless, many people visit it out of curiosity, while young people actually hold parties there in the evenings. The current owners have erected a fence, but this has been moved or maybe stolen.

Gordian Holdings are ready to take all necessary steps to avoid any risk to public health, an insider also said. In fact, a meeting with the community leader and other representatives is to take place these days in a bid to discuss all necessary measures that must be taken.

Berengaria covers an area of 26,520 sq.m with the building itself covering 4,980 sq.m. The stone-built mountain hotel which opened in 1931 and closed in 1984 is made up of 80 rooms allocated in two wings and there is also a second building – a guest house of 280 sq.m. and a restaurant of 200 sq.m.

 

Read more:

https://in-cyprus.com/no-buyers-for-berengaria-at-limassol-auction/

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