InsiderBusinessInsider: Keen interest in Hilton Cyprus sale

Insider: Keen interest in Hilton Cyprus sale

Tenders to acquire the Hilton Cyprus Hotel in Nicosia have been extended to the beginning of December amid keen interest from investors, Insider reported on Thursday.

It said that a short list would then be drawn up so that there is a clearer picture by mid-December on the number of bidders and their financial capability to acquire the hotel.

The site said that more than 10 potential investors – both local and foreign — are reported to be interested but it remains to be seen whether they will proceed with binding bids. Meanwhile, potential bidders have access to the virtual data room as they conduct their due diligence.

For sale is 96.82% of the Cyprus Tourism Development Company which owns the hotel.  The company’s shareholders are Marfin Investment Group (MIG) with 75%, Louis with 22% and other shareholders with 3%.

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