NBG Pangaea REIC and Invel Real Estate acting through Vibrana Holdings have completed the acquisition of 98% of the shares of The Cyprus Tourism Development Public Company Limited (CTDC) for €55.5m. CTDC is the owner of the only five-star hotel in Nicosia, Cyprus, which currently operates under the brand name Hilton Cyprus.
A landmark property, located within easy reach of Nicosia’s city centre, it comprises 294 rooms (24 suites, 76 executive and 194 standard rooms) and offers a selection of meeting facilities to accommodate conferences and other events. The asset boasts significant potential for further development of the hotel premises as well as a prime residential scheme. The immediate plans, however, are to renovate the hotel to enable its continued successful operation.
Christophoros Papachristophorou, Invel’s founder and Pangaea’s executive vice chairman, said: “We are excited to acquire this iconic asset that has been part of Cyprus’s history since 1967. We look forward to working together with the hotel’s experienced and acclaimed team to reposition and lead this landmark hotel into a prosperous new era.”