Location: Protaras, Cyprus…40 minutes from Larnaka Airport
Name: Was a Thomas Cook branded hotel…new franchise agreement in place with well-known brand
Guide Price: €20m, allowing for €8m refurb, or €12m as is
No. of Keys: Currently 137, will make 175 rooms
The Opportunity: This resort hotel is due to undergo a €8m refurb to bring it upto a four-star standard, a condition for the new franchise agreement to kick-in, in May 2022. The hotel is a six minute walk to the nearest beach and 15 minutes to the centre of town and shops.
A resort hotel popular with tour-operators and an average length of stay being 7 nights
Refurb is planned to commence Autumn 2021, could be started earlier… planning consent in place to add a new floor, to create the extra 38 rooms. The refurb is slated to take six months.
Main Photo: A flavour of this resort hotel
Current Owner: Local small hotel company, with three other hotels in Cyprus
Flag and Management: New lease agreement with a major German tour-operator…not compulsory.
Financials: Details of franchise agreement upon application (EoI)
Agent: Local agent in partnership with THPT
Guide Price: €20m to include refurb work
Guide Price per Key: €114,286 – with the fill 175 rooms
Date Posted: November 2020
THPT Comment: Fab opportunity to secure this resort hotel, with a decent NOI for the new owner
Contact us for further information
This is a new feature on the THPT site…. Hotel & Serviced Apartment owners can be naturally reticent in publicising their property is for sale…for confidentiality reasons, for staff and current client reasons, so the properties featured in this section will either be “generic” or “name specific”
Each fortnight we mail the opportunities posted that week, but check-out the tab “Hotels Available” and call us for details of “Under the Table” – deals not posted on the site at all
The Hotel Property Team (THPT) is a small group of highly experienced business professionals. Between us, we provide a range of skills and experience which is directly relevant to those involved in the hotel property market.
MISREPRESENTATION ACT 1967. This information is provided as a general guide and is not intended to be constructed as a statement of fact upon which interested parties can rely. All interested parties should make their enquiries by inspection or otherwise. Neither The Hotel Property Team (trading name of Impetus Marketing 2006 Ltd) nor any person in our employment has the authority to make, give or imply any representation or warranty whatsoever relating to the premises referred to in these particulars. These details do not constitute any offer, contract or any part thereof and all negotiations relating to the premises should be conducted through THPT.