Newsroom
Holiday Inn Nicosia is coming under new ownership, after Greek company NBG Pangaea shelled out two thirds of the total price of €11.2 million.
Pangaea bought 100% of the shares owned by Lasmane Properties Ltd, which was the owner of the hotel in the downtown area of the capital. The down payment came to €7.6 million while the rest will be paid later under specific terms and conditions.
The hotel will undergo major renovation, with an estimated cost of €4.5 million, and will be operated as a luxury hotel according a company press release. Reports said the Holioday Inn will change into Wyndham Hotels and Resorts under the new owners.
The hotel currently has 140 rooms and is said to be one of the biggest hotels in town.
NGB Pangaea Real Estate Investment Company (NBG PANGAEA REIC) is based in Greece, with subsidiaries engaging in real estate investments as well as management and operation of real estate properties.
Holiday Inn is situated inside the Venetian walls in the heart of the commercial district of Nicosia, near the famous streets of Ledras and Onasagorou.
It is within walking distance from Eleftheria Square, which remains closed due to construction.
