National Bank-affiliated Pangaea Real Estate Investment Buys Nicosia Hilton Cyprus

Main Photo: The Nicosia Hilton Cyprus, the only five star hotel in Nicosia

Date: March 2019

Location: Nicosia, Cyprus

Name: The Nicosia Hilton Cyprus

No. of Keys: 300 suites

Seller: Cyprus Tourism Development Company.

Greece’s Marfin Investment Group which are the major shareholders in the hotel’s current ownership, instructed PwC to seek a buyer for the 96.82% of Cyprus Tourism Development Company, in October 2018

Reportedly, local hoteliers and international investment funds had shown interest in acquiring the hotel, as 10 investors had submitted non-binding offers.

Hilton Cyprus is mainly a business hotel as its customers are primarily business professionals, and it is known for hosting large conferences on which its revenue is mostly based.

The hotel’s 2017 revenues amounted to €12m, continuing the upward trend of the past five years.

Profit before taxes, interest and depreciation amounted to €3.5m in 2017.

Buyer: Pangaea acquired 96.82 percent of the shares of the Cyprus Tourism Development Public Co. Ltd., in cooperation with the latter’s primary shareholder (65 percent), Invel Real Estate.The cost for the 96.82 percent of shares held by CTDC is 54.9 million euros, bought by Vibrana Holdings Ltd., of which Pangaea holds 90 percent and Invel 10 percent

Price: Around €60m

Price per Key: €200,000

THPT Comment: Good to see the sale settled.

First Seen: Tornos News Greece

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