Hotels are changing hands in Nicosia and others are seeking new owners due to large expenditure and debts which have been created during the past couple years. The City Hotel located within the walls of Nicosia, on Ledra and Onassagorou Street has been advertised for sale in the press. It has a selling price of €1.8 million and consists of a basement, ground floor, mezzanine and 4 floors with 32 rooms. It also has a large store on Ledra Street and one on Onassagorou.
The hotel in question is currently out of order and is a listed building with a total area of 306 sq.m. while the building is around 1.800 sq. meters. Great interest has also been expressed for the Hilton Hotel in Nicosia as part of a PwC sales tender commissioned by the owner of MIG. According to press reports, 10 applications have been filed during the non-binding bidding phase.
An investor is also looking at the “Yiorkio Residence” which closed down ten years ago. Attempts to reopen the hotel by foreign investors have not been fruitful. An auction for the Berengaria Hotel located in Prodromos, with a selling price of €2.36 million ended without a buyer. Besides Nicosia, the REMU service of Bank of Cyprus is putting a hotel in Pyla, 540 metres from the Larnaca – Ayia Napa highway up for sale. The selling price is €7.5 million.