An MOU agreement for the sale of Parklane Hotel was signed by Invel Real Estate Management for the acquisition of 100% of the issued shares of the Parklane Hotel.

According to an announcement by the company C.C.C. Tourist Enterprises Public Company Ltd, the agreement is expected to be completed by January 23, 2021, for the purchase price of about 90 million euros.

The announcement as it was published:

The C.C.C. Tourist Enterprises Public Company Ltd (the “Company”), which holds 24.98% of the issued shares of Parklane Hotels Limited (the “Parklane”), announces that together with the company Emerald Coast Properties Ltd (the “Emerald” ), which owns 75.02% of the issued shares of Parklane, have signed a Memorandum of Understanding with Invel Real Estate Management (Cyprus) Ltd (the “Investor”), giving it the exclusive right to proceed with the appropriate study, due diligence, and if it is satisfied to proceed with the acquisition of 100% of the issued shares of the company Parklane.

Parklane is the owner of the luxury hotel complex Parklane, a Luxury Collection Resort & Spa, Limassol, which has reopened in March 2019.

The completion of the acquisition of the shares, which is subject, amongst others, to the completion of the due diligence study and final binding agreements, is expected to be completed by January 23, 2021.

‘With such investments currently taking place in Limassol, it is clear that investors do believe that now is the right time to invest, and that a more positive future lies ahead’ says Alkisti Nicolaou Director of RE/MAX Cyprus. ‘We expect more large scale acquisitions to happen in the beginning to middle of 2021.’