XM, a Cypriot foreign exchange company, acquired Forest Park Hotel for € 10 million from the Skyrianidis family. XM plans to invest additional € 15 million in renovations of the hotel.
The Forest Park Hotel is a historic 4* hotel located in Troodos mountains. The hotel offers 137 guest rooms.
The Hotel is currently managed by NNV Mountain Resorts Ltd under a general rental agreement with Skyrianidis family. NNV Mountain Resorts Ltd will continue managing the resort until January 2025. After the expiration of rental agreement, Forest Park Hotel is set to undergo renovations worth of € 15 million within 2-year period.
The acquisition is expected to have a positive impact on Platres region, promoting tourism, improving quality of service levels in the region.
Tourism arrivals in Cyprus are showing strong growth in 2024 and this is one of several hotel investments in Cyprus announced in recent months.
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