Insider Business Hilton deal is almost finalised

Hilton deal is almost finalised

After months of negotiations between PANGAEA and Marfin Investment Group over the sale of Hilton Hotel in Nicosia it looks like the two sides are now closer than ever to reaching a deal.

INSIDER sources said the big obstacles have been overcome and only the details of the deal are pending. An official announcement with details over the agreement seems to be imminent.

Initial reports had indicated that the deal for the sale of the capital’s five-star hotel would be signed by the beginning of January but negotiations took longer.

If it all goes according to plan and PANGAEA does acquire the hotel it will basically become the main player in the capital’s hotel market, since it recently took over the former Holiday Inn.

This has been leased to Zeus International and after a complete renovation will operate under the brand name of Wyndham.

It is unclear how PANGAEA will manage the hotel if and when the takeover is finalised, since informed sources indicate that it will not continue under the brand name of Hilton.

Also interesting is the way the new owner will make best use of the acquired 6,000 sq. metres area located next to the hotel parking lot. This could yield an additional 20-25.000m2 for a multiple use development.

MIG controls 75% of the hotel which was acquired in 2007. The remaining stake is controlled by Louis Group. Hotel turnover in 2017 amounted to €12 million and profit, excluding minority interest, amounted to €2 million. Assets were estimated at €95 million.

The hotel has 294 rooms, of which 24 are suites, 76 are executive rooms and 194 are standard rooms, plus conference rooms and event halls.

PANGAEA’s major shareholder, Invel, is one of Aphrodite Hills’ owners whose intention reportedly is to acquire 100% of the shares by buying those currently in the hands of York Investment Fund and the Lanitis Group.

Read more:

https://in-cyprus.com/greek-companies-interested-in-cyprus/

 

 

 

 

 

 

 

 

Top Stories

Ten new corona virus cases detected out of 2,619 tests

According to the Epidemiological Surveillance Unit of the Ministry of Health 10 new cases of the SARS-CoV-II virus were detected out of a total...

Fine of €6,500 in a bar in Paphos for violating decrees

The Paphos District Court imposed a fine of €6,500 on Monday, on a property owner for violating the decree of the Law on Disinfection. Specifically,...

Toxic chemicals removed from site of accident in Nikou Pattichi St.

Fire Service members on Monday morning rushed to the busy Nicos and Despinas Pattichi Avenue in central Limassol where a barrel in a van...

Cyprus and Russia agree to amend Double Tax Treaty

Cyprus and Russia agreed on Monday to amend the Cyprus-Russia Double Tax Treaty, as Minister of Finance Constantinos Petrides wrote in a post on...

Greek Foreign Ministry calls on Turkey to stop its illegal actions

The Greek Foreign Ministry sent a clear message that Greece will defend it sovereignty and its sovereign rights and called on Turkey to immediately...

Taste

Octopus ‘Kathisto’ (or Octopus braised in Wine)

Ingredients: 1/2 cup Greek extra virgin olive oil 2 medium onions, chopped fine 1 large octopus, about 2kg (cleaned and kept whole) 3/4 cup dry red wine 1/3 cup...

Homemade lemonade

Ingredients: 1 cup lemon juice 1 cup sugar Method: Thoroughly wash the lemons with soap and warm water. Roll each lemon with the palm of your hand, pressing...

‘Striftaria’ mini cheese pies

Ingredients 1 ½ cup milk 2 tbsps. flour 4 tsps. of butter 3 eggs, slightly beaten + 1 extra with 1 tbs. of milk for spreading 1 pack of...

Mini potato canapes baked on salt

Ingredients Serves: 12 1kg small Cypriot potatoes rock salt, as needed 250g salted butter 300ml full fat cremé frâiche 1 pot cod or salmon roe Method Prep:20min › Cook:35min › Ready in:55min Take...