The general manager of the Famagusta Free Zone Tourism Development Company, Lakis Avraamidis, confirmed that there are tourist units that are looking for investors-buyers in the wider area. At the same time, however, he noted, there is a significant investment interest, both from local and foreign entrepreneurs. Indicatively, he mentioned the case of a Ukrainian investor, who is interested in buying a hotel unit, in any area of Cyprus, worth up to 15 million euros.
Mr. Avraamidis also noted that currently more than 20 hotel units in the free area of Famagusta are undergoing radical renovation, while for renovation-expansion purposes from tourist units in the area, only in the last four years, more than 150 million euros have been spent. Renovations are also made in organized apartment complexes. At the same time, this year, six applications have been submitted for the construction of new hotels in the Municipality of Ayia Napa alone.
At the same time, however, hotel business assets come under the hammer through the recipient-manager process, with press releases. A look at the relevant ads shows that the above incidents have taken on the character of a phenomenon. Indicatively, we note that only in the last few days there have been two separate entries for the sale of a field in Ayia Napa and a complex of tourist apartments in Paralimni. The field belongs to the company "Aqua Sol Hotels Public Company Limited" and the complex of tourist apartments to the company "Polyphimos Hotels Limited". In both cases, the administrator-recipient is Eleftherios N. Filippou.
The field in Ayia Napa has a total area of 6.392 sq.m. and the complex of tourist apartments in Paralimni, in the area of Loubarti, has a total area of 4.820 sq.m. The complex in Paralimni is called "Orestis Hotel Apartments" and consists of 54 organized apartments as well as communal building facilities with a total area of 3.440 sq.m. In both cases the deadline for expressions of interest and submission of bids expires on March 18.
Moreover, a large hotel unit under construction in Protaras, with a total capacity of 800-900 beds, with its own entry in the press, is looking for a partner for five million euros, while it does not completely rule out its sale as it is today or when it is put into operation. The expected start of operation of the above unit, which is not named in the relevant ad, is May 2017.
Source: Liberal