- Philip Ammerman
Invel Cypriot founder indirectly acquires Holiday Inn in Cyprus
Updated: Sep 25, 2019
Following Invel’s majority acquisition of Ethniki Pangaia, Invel’s Cypriot CEO Christoforos Papachristoforou, has acquired Nicosia’s Holiday Inn Hotel.
Invel acquired 66% of Ethniki Pangaia for €653 million in 2013 and recently acquired a further 32.7% along with CL Hermes Opportunities, L.P. Ethniki Pangaia had spent €11.2 million for 100% of Lasmane Properties Ltd shares which owns the Holiday Inn in Cyprus.
It should be noted that during the first semester, Ethniki Pangaia had already spent total of €50 million on expenditure. Ethiniki Pangaia plans to invest an additional €4.5 million for the complete reconstruction of the hotel property in order to turn it into a luxury hotel.
The Holiday Inn has 140 rooms and is one of the largest in Nicosia. Its location is central, within the Venetian walls, and is very close to the city’s shopping district as well as the Eleftheria square which is currently under renovation.
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